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Nintendo posts first annual loss

Japanese videogame giant Nintendo on Thursday posted its first annual loss since becoming a public company, blaming a soaring yen and price cuts on its consoles for sinking it $530 million into the red.

Nintendo cuts price of Wii U game console (Update)

Nintendo Co. announced Wednesday that it is cutting the price of its Wii U video-game system as it braces for the fall release of competing consoles from Sony and Microsoft.

Senate saves the James Webb Space Telescope

The 2012 fiscal year appropriation bill, marked up today by the Senate, allows for continued funding of the James Webb Space Telescope and support up to a launch in 2018! Yes, it looks like this bird is going to fly.

Qualcomm stock tumbles on cautious forecast

(AP) -- Qualcomm Inc., whose chips and other technologies are used in vast numbers of cell phones, sounded a cautious note on the economy on Wednesday, saying a "subdued" recovery forced it to slightly dial back expectations ...

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Fiscal year

A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (i.e., January through December). Fiscal years vary between businesses and countries.

In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems and Tesco.[citation needed]

In the United Kingdom, a number of major corporations that were once government owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.

Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia, New Zealand and Japan).[citation needed]

Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months.

Some media/communication based organizations use a Broadcast calendar as the basis for their fiscal year.

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