News Summary: Nintendo rules out Wii U price cuts

News Summary: Nintendo chief rules out Wii price cuts, promises return to profit

Associated Press

$300 AND RUN: Nintendo's president ruled out price cuts for its new Wii U as a way to boost sales, even after a subpar performance during the holiday shopping season. The Wii U sells for about $300 in the U.S.

RISE OF THE PHONE: Game machine sales have suffered as consumers play more games on smartphones and tablets.

PROFIT PROMISE: Nintendo expects an operating loss of 20 billion yen, or $220 million, in the year ending March 2013. But Satoru Iwata made a "commitment" that Nintendo would post operating profit of more than 100 billion yen in the year ending March 2014.

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