But it managed to sell 2.82 million copies of Mario Kart 8

Apparently, not even Mario Kart can save Nintendo. 
According to Nintendo's first quarter financial report for April-June, the troubled gaming company earned revenue of ¥74.7 billion ($731 million USD), which is an 8.4 percent decrease on the same period last year. 
Nintendo reported an operating loss of ¥9.47 billion ($92.7 million), showing that the Mario Kart 8 release wasn't enough of a boost for Wii U hardware sales to counter a loss.
Wii U sales did increase year-over-year, however, with 510,000 units sold between April and June (a year-over-year boost of 219 percent). Mario Kart 8 itself sold 2.82 million copies, which accounts for over half of all Wii U titles for the quarter -- making it the console's third best-selling game of all time. 
The 3DS handheld continued to decline with 820,000 units sold over the quarter compared to 1.4 million in the year-ago quarter. 
Overall, the company's net loss was at ¥9.92 billion ($97.1 million USD). 
So far, Nintendo hasn't changed its forecast of a ¥40 billion operating profit for fiscal 2014. It's still also predicting 3.6 million Wii U console sales. 

Nintendo may be able to up Wii U sales a bit with solid new titles coming out like Super Smash Bros., Captain Toad: Treasure Tracker and Bayonetta 2, but some speculate that these won't be game-changers for hardware sales.

Nintendo has been on a bit of a downward spiral in recent years with slowed console/handheld sales. In May, it was reported that Nintendo lost $457 million USD during fiscal 2013, which made it the company's third straight year of losses. 

Nintendo was only able to sell 2.72 million Wii U consoles during fiscal 2013. Since the console's introduction in 2012, it has only sold a little over 6 million total. 

Some blame Nintendo's poor strategic choices regarding its hardware and software for poor financial earnings. For instance, in January of this year, Nintendo said it wanted to steer clear of mobile and work on a gaming-related health product for 2015 instead.

Just last month, Nintendo's top game designer Shigeru Miyamoto said that Nintendo may one day bring its 3DS and Wii console development teams together in an effort to allow games to be cross-platform

Source: Nintendo [PDF]

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