Nintendo today announced that it expects to report a loss of 15.64 yen per share for the six months ending September 30, 2010. Previously, they had forecast net income of 547.38 yen for these six months.
The company also revised downward its forecast for the full year ending March 31, 2011. Instead of earning 1,563.94 yen per share for its fiscal 2011, it now expects to earn 703.78 yen.
This sharp reversal in Nintendo's expected financial performance means that its own forecasted net income per share is expected to drop by 60.6% from the 1,787.84 yen it earned in fiscal 2010.
Very little seems to be going well for Nintendo. The stock seems very overvalued at over 40 times earnings and shareholders should seriously consider selling their stock.
Cut and paste the following URL into your browser to read Nintendo's complete press release on its revised forecast.
http://www.nintendo.jp/ir/pdf/2010/100929_2e.pdf
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