Nintendo Profits Plummet by 66 Percent; 3DS Touted as Company's Saving Grace

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It's easy to forget sometimes that Microsoft isn't the only major video-game maker headquartered in Redmond. Little Nintendo (you know, the folks who pioneered video games as we know them) has its American headquarters there and has been toiling away quietly for years. Perhaps the second-rate billing stems from the fact that Nintendo has been on a steady nose dive toward insolvency for the past couple years. Don't believe me? The company just posted its annual financial report, and profits are down a whopping 66 percent.

The Associated Press reports today:

Kyoto-based Nintendo Co. said Monday its net profit for the fiscal year ended March 31 fell 66 percent to 77.6 billion yen ($947 million). It had a net profit of 228.6 billion yen the previous fiscal year. Sales slipped 29 percent to 1.014 trillion yen ($12.4 billion).

The only good news to be gleaned from the report has mainly to do with the brand-new 3DS portable gaming device that Nintendo released a month ago.

The company has already sold 3.61 million 3DS units, 1.32 million of them in the United States.

Nintendo is also receiving plenty of buzz over rumors of a new Wii console to possibly be debuted at the Electronic Entertainment expo in June.

But the fact remains that profits fell by two-thirds from last year to this year. It's pretty hard to find a sliver lining in numbers like that.

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