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NINTENDO REPORTS A DROP IN PROFITS FOR THIRD STRAIGHT YEAR
Published May 18, 1995
Nintendo has reported a drop in profits for the third consecutive year, citing the strength of the Japanese yen and price competition from overseas. Their profit for the FY ended March 31 totaled $1.14B, down from $1.15B from the previous year. Sales declined by more than 24%. Goldman Sachs analyst Naoko Ito said Nintendo will continue to lose revenue as video game users shift from its older machines to more powerful technology (BLOOMBERG BUSINESS NEWS/N.Y. TIMES, 5/18). The company also announced a trial project to supply British Airways with games for passengers to play during flights (Dawkins & Rowsthorn, FINANCIAL TIMES, 5/18).