Bloomberg: Nintendo May Report Profit Drop

by Jeff Cork on Oct 20, 2009 at 09:04 AM

Financial news organization Bloomberg is reporting that Nintendo could be experiencing its first annual profit decline in the past six years. Citing results from a survey of 10 analyst estimates, Bloomberg says the Japanese company’s net income could fall 11 percent to 249.3 billion yen (about $2.7 billion), down from its forecast of 300 billion yen. Several factors are behind the as-of-yet hypothetical decline, which include slowing hardware sales, the effects of the system’s recent price cut and the stronger yen. The PlayStation 3 beat out the Wii in U.S. sales for the first time last month, according to NPD data.

We’ll soon know if these projections are on the mark; Nintendo will be releasing its earnings report Oct. 29.