STORY: Nintendo cut its operating profit forecast for the year to March 2025 by 10% on Tuesday (November 5).
The Japanese gaming company has now predicted a profit of $2.36 billion, lower than analysts’ expectations.
The revision comes after sales of its aging Switch console lost steam.
It sold 4.7 million of the consoles in the first half of the financial year.
That’s down from 6.8 million units in the same period a year earlier.
And for the Switch specifically, which sees its eighth year on the market, Nintendo lowered its full-year sales forecast.
It predicts 12.5 million to be sold – which would be a 20% drop on actual Switch sales last year.
Nintendo previously said it would announce a successor to its Switch console in this fiscal year, so before March 2025.
And the group’s president confirmed there was no change to that plan – but didn’t go into specifics.
Analysts said Nintendo shares could remain under pressure in the near term.
That’s as an announcement on a new console – a major catalyst for the stock – seemed unlikely by the end of the calendar year.
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