Financially? No. It almost certainly made money.
Was it something of a disappointment to Nintendo? Possibly. It will be interesting to see if they continue the series. People often fail to realize that publishers and developers don't just ask, "will it make money," they also ask, "can I make more money doing something else?" It might be that projections show Mario Curling 13 would bring in a lot more revenue.
On the other hand, bringing diversity to the Nintendo lineup might be almost as important a goal as direct profit. It's something Nintendo has lacked in the past and I think their newest IP definitely show that they want to address that. I also get the impression they covet the multiplayer model that keeps people invested in their platform for long periods. It's a good strategy when you have less overall material.
It's quite possible that Nintendo is content with ARMS and what it brings to their portfolio.
