Nintendo reports $220 million net loss for first quarter

Nintendo has suffered a $220 million net loss for this year's first quarter — a notable hit, but not as bad as last year's $332 million.

3DS sales had "only reached" 1.86 million, totaling 19 million units sold in the handheld's lifetime. The company did report some good news:

"Compared to the quarter a year earlier, global sales of Nintendo 3DS handheld game hardware increased 162 percent, while Nintendo 3DS software rose 63 percent," Nintendo said. "In addition, the company announced that as of July 25, 2012, it was no longer selling Nintendo 3DS hardware below manufacturing costs."

Nintendo launches the Wii U later this year, so we'll have to wait and see how the console influences the company's financial health.

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[Joystiq]