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Investing.com -- Nintendo 7974 has revised its annual earnings and Switch (NYSE:SWCH) console sales projections downward after reporting weaker results for the nine-month period ending in December.
The Japanese videogame company announced on Tuesday that its net profit had fallen 42% from the same period a year earlier to 237.19 billion yen, or $1.53 billion. Revenue also decreased, dropping 31% to 956.22 billion yen.
The Switch console, which Nintendo launched in 2017, initially saw a surge in sales. However, sales of the aging console are now on a steady decline.
Earlier in January, Nintendo declared its plans to introduce the successor to its nearly eight-year-old console within the year. Yet, the company has not disclosed the price, launch date or specifications for the new console.
The company’s revised sales projection for the year ending in March now stands at 11.0 million Switch consoles. This is a decrease from the previously forecasted 12.5 million units. Additionally, Nintendo now expects to sell 150 million software copies, a drop from the previous estimate of 160 million copies.
For the current fiscal year, Nintendo forecasts a net profit drop of 45% to 270.00 billion yen and a 29% decline in revenue to 1.190 trillion yen.
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