Nintendo Co. this week cut its sales forecast for the fiscal year amid slower-than-expected sales for the new Wii U console.

The company cut its sales forecast for the fiscal year ending Mar. by 17 percent to $7.38 billion.

Nintendo sold 3.06 million Wii U units through Dec. 2012. It cut its Wii U sales forecast to four million units, down from a previous estimate of 5.5 million units. Wii U software sales were cut one-third to 16 million units.

Nintendo cut sales projections for the Nintendo 3DS to 15 million units from 17.5 million units. It has sold 29.84 million 3DS units to date.

Despite a sales forecast reduction, the company posted a profit of $160 million for the first nine months to Dec. By comparison the company recorded a $531 million loss the year prior. It reported revenue of $5.9 billion, down from $6.1 billion the year prior. Finally, the company’s operating loss narrowed to $64.4 million from $180.4 million one year prior.

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