Nintendo annual net profit beats forecast on strong game sales

Nintendo posted a 432.7 billion yen net profit for the year to March, beating its forecast of 370 billion yen but dipping 9.4 percent year-on-year as the chip shortage drove down Switch production. Christmas sales were also weaker than usual, it said.

Strong software sales were a positive factor, with 35 game titles selling more than a million copies during the year.

But the company forecast a drop in net profit for the current financial year to 340 billion yen as it seeks to extend the profitability of the Switch, now in its seventh year.

"By continuing to convey the appeal of Nintendo Switch, we try to not only put one system in every home, but several in every home, or even one for every person," Nintendo said in a statement.

"Another objective is to continually release new offerings so more consumers keep playing Nintendo Switch even longer and we can maximise hardware sales."

The firm sold nearly 18 million Switch consoles in 2022-23 -- down 22 percent on-year, but meeting its forecast, which was lowered from an original target of 21 million as the chip crunch hampered production.

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Nintendo has scored a soft-power hit with "The Super Mario Bros. Movie", the year's first film to pass the global $1 billion mark at the box office.

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The company will release the latest instalment in its long-running "Legend of Zelda" game series, titled "Tears of the Kingdom", for the Switch on Friday.

Serkan Toto from Tokyo-based industry consultancy Kantan Games told AFP that the new Zelda game would "definitely" be the biggest contributor to Nintendo's sales this financial year, even though there could be other surprise releases in the pipeline.

I have a lot of respect for this company…; GO, Nintendo.

I cant believe Super Mario movie made a billion at the box office.

Excellent..

GO NINTENDO..

GO JAPAN..