Nintendo has lowered its annual profit forecast down from 35 billion yen to 17 billion.

The reason for the reduction? Nintendo has sold less 3DS hardware and software than expected.

The company has also been hit by a recent rise in the yen's value.

Wii U sales are on track with expectations, while Wii U software is actually selling better than expected.

Its hard to overstate how well Splatoon, a new franchise has performed in the past year. It has shifted 4m copies, meaning its attach rate is as high as a third of all Wii U owners - impressive stuff.

All in all, it looks like Nintendo will end the year with another slim profit.

How the company will perform in 2016 is the real test - with the launch of its first smartphone games, and the expected arrival of its new console NX.

3DS will also get a shot in the arm this year with the launch of Pokémon Sun and Moon - due to be unveiled this afternoon (but not confirmed yet, Tom).