Nintendo Misses Estimates as Apple Lures Gamers Away
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Nintendo Co., the world’s largest maker of video-game machines, forecast profit this fiscal year that missed analysts’ estimates as consumers increasingly play games on mobile devices including Apple Inc.’s iPhone.
Net income may total 20 billion yen ($246 million) for the year ending March 31, the Kyoto, Japan-based company said in a statement today. That compared with the 32.9 billion-yen average of 20 analyst estimates compiled by Bloomberg. The company’s forecasts for sales and operating profit also missed estimates.