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Japanese Nintendo’s profit increases 33%

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Japanese Nintendo’s profit increases 33%
May 08
13:00 2020

The Japanese company Nintendo, known for the cult consoles of the same name and games for them, has released an annual report. It became known that the Japanese had made the impossible possible they have increased the rate of annual profit by exactly one third. Net income for the last fiscal year has totaled $ 2.4 billion, which is up 33.3% from the same period a year earlier.

Operating profit has totaled 352.3 billion yen an increase is equal to 41.1%. The revenue of the Japanese company has increased too (the increase is equal to 9%). The most successful was the last quarter of the fiscal year, during this period Nintendo’s profit increased three times.

The reason for such outstanding success was the rush demand for the company’s flagship product – Switch consoles. Also, the company was lucky with the release of a new game from the Animal Crossing series.

At the end of January, Nintendo released a forecast for the Switch console sales. Analysts at the company assumed that over the last quarter of the fiscal year, about 2 million game consoles would be sold. The reality turned out to be much better than predicted – the company has managed to sell about 3 million game consoles. Over the year, 21.03 million Nintendo Switch and Switch Lite consoles have found new owners.

The Japanese in time released the new game Animal Crossing: New Horizons, for half a year, about 13.4 million copies were sold. Of course, forced isolation of a very large number of people has made a brainchild of Japanese game developers super popular.

Nintendo does not expect the result to be maintained in the coming fiscal year. Analysts have estimated that the number of consoles sold will be about 19 million units, the profit and revenue will decrease.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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