Nintendo reports lower profits as demand drops for its aging Switch console [Yahoo! Finance]
NINTENDO CO LTD UNSP/ADR (NTDOY)
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Source: Yahoo! Finance
the fiscal year, as demand waned for its Switch console, now in its eighth year since going on sale. Kyoto-based Nintendo Co. reported a 108.7 billion yen ($715 million) profit for the April-September period, as sales slipped 34% from the previous year to 523 billion yen ($3.4 billion). More than 74% of its sales revenue came from overseas, according to Nintendo, which didn't break down quarterly numbers. Global Switch sales during the period dropped to 4.7 million machines from 6.8 million units the previous year. But Nintendo said in a statement that Switch sales were still growing and vowed to stick to its goal of selling a Switch console to each and every individual, not just one Switch per every household. Nintendo stuck to its earlier projection for a 300 billion yen ($2 billion) profit for the full fiscal year through March 2025, down nearly 29% from the previous fiscal year. Annual sales were forecast to drop 23% to1.28 trillion yen ($8.4 billion). It also lowere
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