It's been widely expected for some time, and although the results aren't as bad as analysts were predicting, Japanese games giant Nintendo has posted its first ever annual loss, to the tune of ¥43 billion (US$531.1m).
The negative results are largely attributed to the Nintendo 3DS' shaky launch and holiday sales and an exchange rate hit due to the strong Yen which with 77% of the company's business being international is said to have account some ¥27.7 billion.
Despite the downturn, Nintendo is still cheery about the future.
Nintendo continues to pursue its basic strategy of "Gaming Population Expansion" by offering compelling products that anyone can enjoy, regardless of age, gender or gaming experience.
With the 3DS now performing strong and the Wii-U due at the end of 2012 -- which will give it three months of sales before their next EOFY -- the company is predicting to come out ¥20 billion shead this time next year.