Asia
Nintendo Profit Dives 71% on Slowing Demand for Aging Switch
- Company is slated to unveil new video game console by March
- Firm’s Switch target for this year looks challenging: analysts
Nintendo Switch consoles.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Nintendo Co.’s operating profit plunged a bigger-than-expected 71% as consumers held off on purchases pending the launch of a flagship new video game console to replace Switch.
The Kyoto-based company reported a profit of ¥54.51 billion ($365.1 million) in the three months through June, compared with ¥185.4 billion a year earlier when earnings were boosted by blockbuster sales of The Legend of Zelda: Tears of the Kingdom and The Super Mario Bros. Movie. It was a far bigger decline than the consensus estimate of ¥93.7 billion.