Nintendo Faces $530 Million In Losses, Wii U And 3DS To “Drive The Company Back Into Profitability”

Mario and the gang aren't doing so hot. While Nintendo was anticipating major losses for the 2011 fiscal year, $530 million is a hefty chunk of change no matter how you swing it. Wii sales declined substantially, with just a mere 9.84 million units sold. Meanwhile, while the 3DS got off to a rather slow start, but has since seen a significant spike since its price cut, brining sales to 13.51 million.

The fact of the matter is that the Wii is basically dead at this point. WIth only a few quality titles gracing the system last year, and virtually no exciting games on the horizon, it is clear that Nintendo is putting all their eggs in the Wii U basket. In fact, Nintendo basically went so far to say as much in a statement accompanying their reported losses. 

"While [Nintendo] did post a loss for the recently completed fiscal year, the continuing momentum of the Nintendo 3DS and the global introduction of the highly-anticipated Wii U home console will drive the company back into profitability in the current year."

Will the Wii U really be big enough to pull Nintendo back on its feet? They'd better have one heck of an E3 press conference planned if they hope to get out of the red this year.

[Via]