Daily Management Review

Nintendo's profit exceeds forecasts of analysts


07/26/2017


Japanese company Nintendo in the first fiscal quarter made a profit, thus outstripping analysts' expectations. The results were achieved thanks to active sales of the new game console Switch and continuation of the hit games Mario and Zelda, CNBC reports.



Doug Kline
Doug Kline
The revenue of Nintendo was 154.07 billion yen ($ 1.37 billion) against expectations of revenue of 136.53 billion yen. Operating profit was 16.21 billion yen against analysts' forecast of 9.52 billion yen.

Compared to the same period last year, revenue increased by 150%, while the company suffered losses of 5.13 billion yen in the last year.

Nintendo said that they sold 1.97 million units of their hybrid Switch consoles in the quarter ending June, which is less than 2.74 million sold consoles in the I quarter. Overall, Nintendo sold 4.71 consoles, and, despite the slowdown, this fiscal year retained its sales target at 10 million set-top boxes.

The demand for the Switch remains strong, and reports show that Nintendo is struggling to keep pace with the times. In May, The Financial Times reported that Nintendo decided to increase production of Switch to meet demand during the festive period at the end of this year.

In March, The Wall Street Journal wrote that the company decided to double the planned production of Switch during the year ending in March 2018.

source: cnbc.com






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