Nintendo Cuts Sales, Profit Forecasts on Weak Game Sales

Kyoto, Feb. 4 (Jiji Press)--Nintendo Co. said Tuesday it has cut its consolidated sales and profit estimates for the year ending next month because of lower-than-expected sales of its Switch video game console.

The Japanese company lowered its net profit projection from 300 billion yen to 270 billion yen, its sales forecast from 1.28 trillion yen to 1.19 trillion yen and its operating profit outlook from 360 billion yen to 280 billion yen.

The company lowered its sales forecast for the Switch by 1.5 million units to 11 million units.

In November, Nintendo slashed its sales and operating profit forecasts for the year.

Switch sales “are strong for a hardware product in its eighth year (since its release), but we didn’t meet our targets,” Nintendo President Shuntaro Furukawa said in an online press conference.

[Copyright The Jiji Press, Ltd.]