Japanese gaming group Nintendo has raised its earnings forecast for the current fiscal year due to strong demand for games for its Switch consoles.
Nintendo expects operating profits to rise to 500 billion yen (3.1 billion euros) in the fiscal year ending in March. The company previously incurred 450 billion yen (2.8 billion euros).
Last quarter, profits reached 94.5 billion yen and revenues 334.9 billion yen, exceeding market experts’ expectations. This year, the company is benefiting from high demand for the latest game in the Zelda video game series. This also boosts the demand for Switch gaming consoles.
Profits were also boosted by the hugely successful Super Mario movie, which hit theaters earlier this year. As a result, equity income increased significantly.
The Switch gaming console, Nintendo’s most important console, has been on the market for more than six years. During the Corona pandemic, Nintendo was unable to produce game consoles fast enough to meet all the demand. This demand has decreased significantly this year.
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