Nintendo posts $220 million net loss for first quarter

Another year, another not-great first quarter for Nintendo. Although not as bad as last year's (and the year before's) net loss of ¥26 billion ($332M), the company still reported a loss of ¥17.23 billion ($220 million).

Nintendo acknowledged 3DS sales had "only reached" 1.86 million for the quarter, hitting 19 million units sold in its lifetime. On the upside, the company isn't selling the hardware at a loss anymore.

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

At this point, everyone is waiting to see how the Wii U performs when it launches later this year.