Nintendo Cuts Full-Year Profit Estimates

Kyoto, Feb. 7 (Jiji Press)--Nintendo Co. <7974> said Tuesday that it has lowered its profit forecasts for the year ending next month due to slowing sales of its Switch video game console.

The Japanese company cut its net profit projection by 30 billion yen to 370 billion yen, down 22.5 pct from the previous year.

Nintendo slashed its operating profit forecast by 20 billion yen to 480 billion yen, down 19 pct from the previous year. The sales forecast was cut by 50 billion yen to 1.6 trillion yen, down 5.6 pct.

The company also cut its sales projection for Switch by one million units to 18 million units.

“Overseas sales were not as large as seen in the previous two holiday seasons, though production constraints due to semiconductor shortages have largely been resolved,” Nintendo President Shuntaro Furukawa told an online press conference.

[Copyright The Jiji Press, Ltd.]