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Wednesday, 2 October, 2002, 06:59 GMT 07:59 UK
Nintendo shares fall after profit warning
![]() GameCube launched with a low price
Nintendo shares have suffered a sharp fall after the company warned that its profits over the summer would be 77% lower than a year before.
The maker of GameCube and GameBoy said it had been hit in the April to September period by a double whammy relating to the strengthening yen. The currency's growing strength had cut the value - in yen terms - of Nintendo's foreign assets. And it had made Nintendo products more expensive in export markets, so hitting sales. Consequently, Nintendo has lowered its sales expectations for 2002/03. It now expects to ship 17% fewer GameCubes and 21% fewer GameBoys. Cheap shares? Nintendo shares fell almost 7% to close at 12,840 yen. "Shares in Nintendo may come under pressure in the short term, but that would provide a good buying opportunity," said Goldman Sachs analyst, Eri Sato. So far this year, Nintendo's shares have lost 40% of their value.
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20 May 02 | Entertainment
09 May 02 | Entertainment
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