Nintendo records first ever annual loss
Video game giant Nintendo has suffered its first ever annual loss after it was hit by declining sales of its popular Wii console and a loss it incurs on each 3DS handheld it sells following recent price cuts. Disappointing sales were compounded by a strong Yen which further deflated revenues to make a loss of 43.2bn Yen (£329m) for the year. The figures are actually better than the Kyoto based firm predicted with the expectation having been that losses could hit 65bn Yen. Nintendo has been hit by declining sales in the face of cut throat competition with Microsoft and Sony as well as exponential growth in the smartphone gaming sector. The Japanese giant stated that it expects to return to profit in 2012 as the Yen weakens.