Nintendo severely adjusted its forecasts for the fiscal year ending March 31, 2014, almost halving its original net sales projection and reducing expected Wii U shipments from 9 million to 2.8 million. The Japanese company noted the Wii U's "significantly lower" than predicted overseas sales, as well as the price cuts made worldwide to the console, as factors in the profit revisions. Below-target 3DS sales overseas were also noted, as was increased expenditure on research and development. Nintendo's net sales projection dropped from ¥920 billion to ¥590 billion, which converts as $8.8 billion to $5.6 billion, respectively. Rather than posting a net profit of ¥55 billion ($530 million) for the fiscal year, the company is bracing itself for a net loss of ¥25 billion ($240 million). Today's adjustments suggest Nintendo saw a welcome if not spectacular upturn in Wii U sales and shipments over the holidays.