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Nintendo slashes annual profit forecast

  • Japanese gaming giant Nintendo has slashed its profit forecast for the year by a third.

    The announcement comes despite the firm reporting reduced first-half losses.

    Nintendo, which makes the Wii gaming device, said on Wednesday it expects annual profits of $250 million, down by a third in comparison to its July forecast of $438 million.

    In recent years, Nintendo has seen sales of its gaming devices decline on the back of the rise of smartphones.

    The company will launch the Wii U, its first new games console in six years, next month.