Nintendo on Friday warned it would swing back into the red this fiscal year as the Japanese gaming giant slashed its sales target for the Wii U console, blaming poor sales over the key holiday season. The dramatic downgrade stands in marked contrast to rivals Sony and Microsoft which have seen huge demand for their new consoles as the firms battle for control of a sector worth about $ 44 billion annually. Nintendo said Friday it expects a loss of 25 billion yen ($ 240 million) in the year to March, reversing an earlier 55 billion yen net profit forecast, while annual revenue would drop 36 percent. The company, maker of the Donkey Kong and Super Mario brands, also said it expected to sell just 2.8 million units worldwide of the Wii U, less than a third of it earlier prediction for 9.0 million consoles.
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