Nintendo Sees Bigger Profit Decline on Faltering Switch Demand [Yahoo! Finance Canada]
NINTENDO CO LTD UNSP/ADR (NTDOY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- Nintendo Co. forecast a bigger profit decline for the full year after reporting its fifth straight quarterly profit decline on slowing demand for its aging Switch console. Most Read from Bloomberg The Kyoto-based company cut its operating profit outlook to ¥360 billion ($2.4 billion), down from a previously expected ¥400 billion. It's unusual for game companies to lower their guidance before the all-important year-end shopping season. It also cut its annual Switch sales outlook to 12.5 million units, down from a previously forecast 13.5 million. The company's struggled to maintain sales of game hardware and software as consumers sow spending to await the announcement of the next-generation console. For the September quarter, Nintendo's operating profit fell to ¥67 billion, missing market expectations for a profit of ¥71.8 billion. Nintendo has been struggling to win consumers and prolong momentum around its seven-year-old Switch ahead of a promised announcement
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