Nintendo quadruples profits for latest quarter
Tokyo (Japan) – Thanks to excellent sales of its Wii game console, Nintendo has reported a four-fold increase in net income during the previous fiscal quarter. Nintendo also raised its full-year profit forecast by 37%.
From April to June, the company made $668.82 million profit and had double the sales from the same period last year. The majority of the profits came from the brisk sales of the Wii console and for the quarter, Nintendo sold approximately 3.43 million Wii consoles. Since the November launch, 9.3 million Wiis have been sold.
According to figures from the NPD Group, the Wii has outsold the PlayStation 3 and Xbox 360 by a 4 to 1 and 2 to 1 margin in June. Both Sony and Microsoft have recently slashed the prices on their more expensive consoles in hopes of better competing with the $250 Nintendo Wii.