Nintendo shares dive as 3DS delay hits profits

Nintendo was relying on the 3DS for a big chunk of its profits in the crucial Christmas season

Shares in games company Nintendo have sunk after the firm more than halved its profit forecast because of delays to its new 3DS console.

Nintendo has admitted that its 3DS machine, which features 3D technology, will not be ready to go on sale during the crucial Christmas season.

It cut its profit forecast for the year to March 2011 to 90bn yen ($1.1bn; £681m) from 200bn yen.

In Tokyo, shares in Nintendo closed down 9.3%.

The 3DS will now go on sale in Japan in February, and reach shops in Europe and the US in March.

Nintendo also said the strong yen had also hurt profits, along with a lack of hit titles for its existing DS and Wii consoles.

However, the delay to the 3DS is the most significant factor in the revision to the profit forecasts, with the games console market heavily reliant on the Christmas season.