Nintendo posts loss, cuts forecast and 3DS price

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TOKYO (AP) — Nintendo Co. says it stayed deep in the red in the latest quarter, prompting the Japanese video game giant to cut its full-year forecasts and slash prices on its new 3DS handheld device.

Nintendo posted a net loss of 25.5 billion yen ($324 million) in the April-June period, worse than the 25.2 billion yen loss a year earlier.

The Kyoto-based company blamed lackluster sales on a dearth of hit titles for the Wii and 3DS, as well as a strong yen.

To fuel momentum, Nintendo decided it needed to drop prices. The 3DS will cost 15,000 yen in Japan starting Aug. 11, down from 25,000 yen.

It cut its profit forecast for the fiscal year through March 2012 to 20 billion yen from 110 billion yen.