Japanese gaming console and video game maker Nintendo announced results for its first fiscal quarter, which ended on June 30. Over the three-month period, the company’s net profit fell by 55.3%, while revenue fell by 46.5% compared to the same period last year.
Image source: Anthony Ashley / pixabay.com
In the first fiscal quarter, Nintendo’s revenue was 246.6 billion Japanese yen ($1.65 billion), while analysts expected quarterly revenue of 289.61 billion yen. At the same time, the company’s net profit for the three months was 80.9 billion yen, compared to the expected 70.73 billion yen. Nintendo sold 2.1 million Switch consoles in the quarter, which is 46% less than in the same period last year.
Investors are awaiting news about the successor to the Switch console, which could revive the company’s gaming business. The manufacturer previously stated that the new console will be officially unveiled in the current fiscal year, which ends in March 2025 for the company. Nintendo also stated its intention to sell 13.5 million current-generation Switch consoles this year. During the announcement of quarterly results, the manufacturer left the console sales forecast unchanged.
The Switch is now more than seven years old, and is the company’s second-most successful console in terms of units sold, behind the Nintendo DS. Over the course of the device’s life, developers have updated the console’s screen and kept it interesting with popular game franchises. But over time, that effect has waned, and Nintendo didn’t release a single blockbuster game in the last quarter. Meanwhile, software sales fell 41% year-over-year to 30.64 million copies of games.
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