News Summary: Nintendo reports 1Q loss

AP News
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Posted: Jul 26, 2012 12:15 PM

RESULTS: Nintendo Co. reported a net loss of 17.2 billion yen ($221 million) for the April-June quarter, hurt by product discounts and the strong yen.

NO MORE LOSS: Nintendo has been selling its 3DS console at a loss to boost slow sales. Nintendo says it won't sell it at a loss any longer because mass production has brought down production costs.

OUTLOOK: Nintendo hopes for strong sales of two new products to be launched this year. A larger-screen version of the 3DS and a new version of the Wii called Wii U.