Nintendo Q1 Results: Operating Profit Jumps 428% to 145 Billion Yen

Highlight

  • The Japanese gaming company released its new console on March 20 which smashed records by selling a cumulative total of nearly 10 million copies
  • The company has been raising its Switch Console production since the beginning of the year
  • The success has been attributed to the ongoing Coronavirus era as people continue to stay home

A splendid beginning in the fiscal year

Nintendo, a Japanese based Gaming Company, on Wednesday reported a 428% massive rise in first quarter as sales volume witnessed a hike in its selling in the past few months. The company had posted an operating profit to 145 billion Yen ($1.37 billion) off 357 billion Yen ( $3.39 billion) in revenue. The Switch Consoles also saw a rise of 166% to 5.68 million systems in Q1.

The Kyoto based company has sold more than 10 million units of its title Animal Crossing: New Horizons in the quarter, with a sales revenue nearly 22.4 million. Nintendo said that more than half of the customers played New Horizons in the first day, suggesting that there is an increased demand in Switch. The new title is already the second best – selling Switch game behind Mario Kart 8 Deluxe.

Future game plan?

The company’s plan for the rest of the year is currently obscure. Although the company has announced the launching of expanded Wii U port Pikmin 3 Deluxe, no major holiday titles are on release now. Last month, Nintendo released Paper Mario: The Origami King, two months following its announcement.

The coronavirus pandemic has caused a huge upturn in video game popularity as millions continue to stay home. Earlier this year, the pandemic disrupted the supply of Nintendo Switch and was nearly impossible to find anywhere in the markets. However, at the end of April, the consoles returned to many retailer shelves.

https://economictimes.indiatimes.com/news/international/business/nintendo-reports-428-jump-in-profit-as-animal-crossing-sales-top-22-million/articleshow/77388576.cms

Leave a Reply

Your email address will not be published. Required fields are marked *