Nintendo plans US$1.2b share buyback
Company hit by poor sales of its Wii U console, with competition from smartphones, tablets, PS4 and Xbox One
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Tokyo
NINTENDO will spend as much as US$1.2 billion buying back shares after shoppers during the Christmas season shunned its Wii U console and games featuring Mario and Zelda.
The world's largest maker of video-game machines will buy back as many as 10 million shares, or about 7.8 per cent of outstanding shares, the Kyoto-based company said on Wednesday. Nintendo had about US$8.6 billion of cash and equivalents and zero debt as at Sept 30.
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