Nintendo profit plunges 55% as sales of its ageing Switch console fall [Video]

Nintendo on Friday reported revenue and profit that plunged in the company’s fiscal first quarter, as sales of the ageing Switch console decline.

Here’s how Nintendo did in its fiscal first quarter ended June 30. versus LSEG estimates:

• Revenue:  246.6 billion Japanese yen ($1.65 billion) versus 289.61 billion yen expected.
• Net profit:  80.9 billion Japanese yen versus 70.73 billion yen expected.

Net sales lost 46.5% year-on-year, while net profit fell 55.3%.

Nintendo sold 2.1 million units of its flagship Switch consoles, down 46% on the year.

Investors are looking out for news surrounding a successor to the Nintendo Switch console to reinvigorate its gaming business. The company previously said that the next-in-line device will be announced in the current fiscal year, which ends in March 2025.

Nintendo also previously said that it expects to sell 13.5 million units of the existing Switch console model in this period. The company stuck to that forecast on …