James Lee
11:54 (BST)
29/08/2008
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Nintendo's profit forecast up by 26%
Nintendo has raised its end of year profit forecast by 26 per cent following an 8.4 per cent jump in the company's share price, due to higher-than-anticipated sales of the Nintendo Wii and DS.
The company says its net income will climb 59 per cent to JPY 410 billion (USD 3.8 billion) in the year ending March 31, as reported by Bloomberg. Sales of Nintendo's Wii console will rise 42 per cent this year and the company has reversed its projections that DS sales will drop.
"This is a very big, positive surprise,'' commented Koichi Takatsuka, a senior fund manager at United Investments. "It looks like Wii and DS are selling well, especially in Europe.''
Nintendo's stock jumped 8.4 per cent to JPY 51,800 (USD 476) on the Osaka Securities Exchange. The company, having previously complained that the weakening US dollar was hindering its earnings, is believed to have been helped by a weaker yen.
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