Nintendo Co. this week posted a $927 million loss in the first six months of the fiscal year amid slow sales for current products.
Between Apr. and Sept, the company cited the Aug. price cut for the Nintendo 3DS handheld, lower sales, and a strong yen which totaled to heftier losses. Exchange rate losses totaled to $689 million.
Nintendo forecast an annual net loss of $264 million and lowered net sales to $10.4 billion from $11.9 billion for the year ending Mar. 2012.
The price reduction of the Nintendo 3DS increased sales to 3.07 million units and 8.13 million units of software.
Nintendo in recent months has faced increased competition in the handheld game market from Apple Inc.’s iPhone and phones with Google Inc.’s Android OS.
In Aug. it price cut the Nintendo 3DS to $169.99 from $249.99 in an attempt to boost sales just five months after release.
Nintendo this month began sale of the Wii Black Console Bundle with New Super Mario Bros. Wii and Music CD at $149.99.
The company will release Wii U, the successor the Wii hardware, in 2012.