Nintendo has announced that their forecast for the fiscal year has been revised, from a profit of 55 billion yen to a net loss of 25 billion yen.

It has been a tough year for Nintendo so far.  In spite of releasing some wonderful titles such as Super Mario 3D World, Pikmin 3 and Pokémon X and Y, sales have not been as strong as the company would have liked.

Nintendo relied on strong Christmas sales to improve the sales of the Wii U, and while they did increase during December it appears that Nintendo's target was not hit.  Nintendo had previously expected to sell 9 million units before the end of the financial year, but this has since been changed to 2.8 million.

The Nintendo 3DS's expected sales have also been cut, although not by as much.  Nintendo had previously anticipated selling 18 million units, but this has been revised to 13.5 million.

Speaking to the Tokyo Stock exchange Nintendo stated "we can no longer expect our financial performance to recover in the current fiscal year".  

We expect more information, and probably a statement from Nintendo's President Satoru Iwata, shortly.