Nintendo has improved its annual revenue and profit forecast – Kommersant
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November 7, Japanese game developer, Nintendo presented accounts for the second quarter of the 2022/23 financial year, ending at the end of September. The company’s revenue during this period decreased by 4%, to ¥334.9 billion ($2.2 billion). Net profit fell by 19%, amounting to ¥90.3 billion (about $600 million).
These results were better than analysts’ forecasts. For the first half of the year as a whole, Nintendo’s revenue grew by 21%, to $5.3 billion, and net profit by 18%, to $1.8 billion. In addition, the company improved its forecast for the 2022/23 financial year as a whole – it expects revenue in this period will be $10.5 billion, and net profit – $2.8 billion. Previously, the company expected revenue of $9.6 billion, net profit – $2.3 billion.
The better-than-expected results come as the new game in the popular The Legend of Zelda series, The Legend of Zelda: Tears of the Kingdom, released in May, continues to sell well. Several more new games from popular series were released this year, including Super Mario Bros. Wonder, introduced in October. The company also reported that in the first half of the year the number of Switch game consoles sold increased by 2.4% – 6.84 million.
At the same time, investors continue to be concerned by the fact that Nintendo has not released a new gaming gadget for a long time – the last Switch gaming console, which is currently on sale, was released back in 2017. Nintendo shares were down 1.1% today.
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