Nintendo (NTDOY) has suffered from poor Wii U sales that have seen NTDOY stock plummet in early trading Friday.
The video game company expected a net profit of $530 million for the fiscal year but its Wii U console has failed to meet expectations. Nintendo stock took a massive hit as the company revised its forecast to a $240 million net loss in 2013.
The company was projected to sell 9 million Wii U home consoles for the full fiscal year ending in March 31 but that number is all the way down to 2.8 million. Nintendo also expected to sell 38 million units of Wii U software but it predicts that it will only sell 19 million.
NTDOY stock is down close to 16% in early trading Friday.