Nintendo Profit Shatters Estimates on Robust Demand for Switch
- Analysts say Switch buyers tend to purchase more game titles
- Forecasts for full-year shipments of new console kept intact
Nintendo's Quarterly Results Surprise Investors
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Nintendo Co. jumped the most since September, adding $3.5 billion in market value, after the company surprised investors with a big jump in quarterly profit, driven by software sales for its new Switch console.
Shares closed 7.6 percent higher in heavy trading in Tokyo, pushing the company’s market value to $49.1 billion. On Wednesday, Nintendo said operating profit for April-June was 16.2 billion yen ($145 million), exceeding analysts’ average projection for 10.6 billion yen. Revenue more than doubled to 154.1 billion yen, beating the prediction for 139 billion yen.