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  Nintendo’s GameCube struggles
Time: 18:59 EST/23:59 GMT | News Source: Reuters | Posted By: Todd Richardson

Japanese videogame maker Nintendo Co. Ltd slashed its group net profit forecast for the just-ended business year on Monday, reflecting how intense competition in the game industry hurt sales of its flagship GameCube console. The company, known for its hit “Pokemon” games, now expects a group net profit for the year through March 31 of 66 billion yen ($548.5 million), down 18 percent from its November forecast of 80 billion yen. Citing poor demand for the GameCube console, whose sales fell short of its target of 10 million by 44 percent for the year, the firm cut its group sales estimates to 500 billion yen from 600 billion yen.

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