Nintendo Experiences Massive 200% Net Profits in Latest Quarter
Nintendo‘s sales continue to soar as the company publicized a report indicating an impressive 200-percent jump in profits. This follows last month’s report which showed a growth of 428 percent in Q1 for the company’s operating profits. Much of Nintendo’s success is being attributed to the heavy demand for the Switch spurred by the COVID-19 pandemic.
Operating profits for the first half of the fiscal year lept 209 percent — ¥291.4 billion JPY (approximately 2.8 billion USD) over the same period in the previous year. The gaming company sold roughly 12.5 million units of its Switch from April to September, pointing to an 81 percent increase. Sales have also climbed up 73 percent — ¥769.5 billion JPY (approximately 7.4 billion USD).
According to sources, forecasts are suggesting that the company could be breaking a new record for profits in 2021, which will be the first time for the company in 12 years. Beyond soaring Switch sales, popular titles have also been a major contributor to the company’s success, particularly, Animal Crossing: New Horizons, which is on track to become the best-selling game ever for the Switch with over 26 million copies sold already. Competing gaming devices, however, like Sony’s PlayStation 5 and Microsoft’s Xbox Series X could pose a threat to Nintendo’s market share.
In case you missed it, Nintendo Switch’s online service has surpassed 26 million paid subscribers.
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