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Nintendo’s first half net profit more than tripled thanks to soaring sales



File photo: Gothenburg, Sweden – March 10, 2017: Aerial view of a young man holding a neon-colored Nintendo Switch video game system by Nintendo Co., Ltd. developed and released in 2017.

Nintendo Co. reported Thursday that first-half net profits more than tripled from a year earlier as the Covid-19 pandemic continued to drive strong sales.

The Japanese video game maker said net profit rose to 213.12 billion yen ($ 2.04 billion) in the six-month period ending September 30, from 62.02 billion yen. years earlier.

According to Wall Street Journal’s calculations, the second quarter’s after-tax profit was 106.64 billion dong, while the net profit was 106.48 billion dong in the first quarter. This beats the Y7 estimate of 77.03 billion according to a poll of analysts Visible Alpha.

Nintendo raised its revenue and net profit forecast for the year ending in March 2021. The company expects revenue to grow 7.0% to 1,400 trillion yen, compared with the previous forecast of a decline. 8.3% and forecast net profit will increase 16% to Y300.00 billion, compared with preview down 23%.

Nintendo says it is expected to sell 24.0 million Switch consoles this fiscal year, up from an earlier prediction of 19.0 million. The company said it sold 12.5 million units in the first half of the year, compared with 6.9 million a year earlier.

The company’s first half revenue increased 73% to 799.52 billion yen, thanks to strong sales of “Animal Crossing: New Horizons”.

The revenue in the second quarter was 11.42 billion dong, while the previous quarter was 358.11 billion dong.

Nintendo says it sold 14.3 million copies of “Animal Crossing: New Horizons” in the first half of the year.

Write to Kosaku Narioka at kosaku.narioka@wsj.com


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