Having dropped its full-year profit forecasts by 82 per cent games industry veteran Nintendo has slashed the retail price of its ailing 3DS games console.

The cut saw Nintendo change its full-year product forecast from $1.4 billion to a meagre $257 million.

The hefty drop follows its most recent 3DS console's ongoing poor performance. For the three months preceding 30 June Nintendo only managed to sell 710,000 3DS consoles and 4.53 million 3DS games worldwide.

Alongside the cut in its full-year financial forecasts, Nintendo also announced new plans to cut the 3DS' recommended price from ¥25,000 ¥15,000. When applied in the U.K., this would mean that the 3DS would cost roughly £118.

To smooth the potentially ruffled feathers of the console's early adopters, the company has since offered those that bought the 3DS prior to the cut 20 free classic games. The games will reportedly be made available for download via the system's online store.

Nintendo also reported a net loss of $325 million. This was largely due to a 50 per cent drop in sales, with Nintendo only taking in $1.2 billion worldwide.

The report also revealed that the company had only managed to sell 1.44 million DS consoles and 12.3 million DS games.

The company's Wii console also -- despite its own price cut earlier this year -- saw a drop, with only 1.56 million consoles and 13.44 million games being sold.

The news comes just after rival console and game developer Sony posted similarly poor quarterly results.

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