(MENAFN- AFP) Shares in Nintendo fell more than six percent in early trade Thursday after the Japanese videogame giant announced it was still mired in the red.
Nintendo shares dropped 6.29 percent to 11,550.0 yen soon after the Tokyo stock market opened.
The company said late Wednesday that it incurred a $97 million quarterly net loss, with higher costs tied to sales of its Wii U console digging into its bottom line while sales weakened.
The shortfall comes after the firm logged its third straight year of operating losses, underscoring the challenges faced by the one-time industry titan.
The maker of the Super Mario and Pokemon franchises has fallen on hard times in recent years, piling up losses as rivals Sony and Microsoft outpaced it in console sales.
All three companies are also fighting off a trend toward cheap - or sometimes free - downloadable games for smartphones and other mobile devices.
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