Here's what Bloomberg wrote about it. Honestly, I don't know how analysts were expecting more than a billion dollars in profit for Q1.
And I hate Jay Defilbaugh, he's one of the most anti-Nintendo analysts I've seen.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aP9.056Hpny8
Nintendo Shares Fall as Quarterly Profit Disappoints Analysts
By Hiroshi Suzuki
July 31 (Bloomberg) -- Nintendo Co., the world's largest maker of handheld game players, fell the most in six months in Osaka trading after profit missed some analysts' estimates.
Nintendo dropped 6.8 percent to 53,700 yen as of 9:31 a.m. on the Osaka Securities Exchange, while the benchmark Topix index rose 0.2 percent. That's the largest drop for shares of the Kyoto, Japan-based maker of the Wii console since Jan. 28.
The company said yesterday operating profit, or sales minus administrative expenses and costs of goods sold, rose 32 percent to 119.2 billion yen ($1.1 billion) in the first quarter ended June 30, in line with the median analyst estimate in a Bloomberg survey. Nintendo maintained its full-year profit forecast of 530 billion yen.
``We view 1Q results as in line to modestly disappointing,'' Jay Defibaugh, a Tokyo-based analyst at Credit Suisse Group, wrote in a report yesterday.
There was also ``some expectation'' that the company would raise its full-year earnings projections, wrote the analyst, who kept his ``neutral'' rating and 12-month price estimate of 61,000 yen for Nintendo.
