Nintendo annual net profit beats forecast on strong game sales
Nintendo’s blockbuster Switch console is now in its seventh year – Copyright AFP/File Brendan SMIALOWSKI
Hit games Splatoon 3 and the new Pokemon titles helped Nintendo beat its annual net profit forecast on Tuesday, but the company predicted tougher times ahead as its Switch console ages.
The weak yen also inflated earnings for the Japanese gaming giant, which has recently seen huge success at the box office with “The Super Mario Bros. Movie”.
Nintendo posted a 432.7 billion yen ($3.2 billion) net profit for the year to March, beating its forecast of 370 billion yen but dipping 9.4 percent year-on-year as the chip shortage drove down Switch production. Christmas sales were also weaker than usual, it said.
Strong software sales were a positive factor, with 35 game titles selling more than a million copies during the year.