The Japanese video games giant Nintendo expects to post its first annual net loss this year.
The former industry leader cut its guidance yesterday, saying it had been hit by a soaring yen and weak sales of software. The creator of the Super Mario franchise dominated the industry for years with its DS handheld games players and Wii consoles, but is now struggling to keep up with more versatile gadgets such as Apple's iPhone and iPad. This year's failed launch of the Nintendo 3DS handheld machine – which creates 3D effects without the need for special glasses – forced Nintendo to slash prices, crushing its profit outlook for the year. A dearth of attractive new games titles is causing the business further pain .