Weak 3DS Sales Prompt Nintendo to Slash Full Year Forecast by 70 Percent

Times are tough all around, and that includes the Mushroom Kingdom where gold coins aren't as prevalent as they once were. Sitting on a throne from afar, Nintendo cut its full-year profit forecast by 70 percent, saying it now expects to rake in 6 billion yen (or US$75 million) by the end of the year, compared to the company's previous forecast of 20 billion yen (or US$250 million).

"The earnings forecast has been modified to reflect a yen appreciation stronger than expected at the beginning of the fiscal year, the actual sales result for the six-month period ended September 30, 2012 and a change in the outlook for the following six-month period from October 2012 through March 2013 by reviewing the mix of each hardware and software sales unit forecast," Nintendo said in a statement.

Nintendo 3DS

Nintendo's 3DS console continues to come up short in terms of sales expectations. In addition to cutting its profit forecast, Nintnedo also lowered its 3DS sales forecast by a million units, to 17.5 million. One of the mistakes Nintendo made when launching the 3DS was overestimating the premium people would be willing to pay to game in 3D, which prompted the company to cut the price from $250 down to $170 just a few months after releasing the console.

Going forward, Nintendo is banking on its upcoming Wii U console to turn things around. The Wii U is scheduled for release on November 18, 2012 in the U.S.