If in general other companies have experienced a decline in profits, many have even lost money, because of the novel coronavirus (COVID-19) pandemic, this is not the case with Nintendo Co. The company’s profit has actually increased.
Nintendo Co. said, net profit for April to June jumped to ¥ 106.48 billion, up 6.4 times from a year earlier. In the midst of the pandemic, people are being asked to stay at home, which has prompted a rise in demand for Switch consoles and software.
The videogame maker posted an operating profit of 144.74 billion yen, a 5.3-fold increase and a record for the first fiscal quarter, as sales more than doubled to 358.11 billion yen. The company sold 5.68 million Switch consoles in three months, an increase of 2.7 times.
The addition of new games helped increase Switch sales. However, legacy games released in the previous fiscal year also continued to sell well. The best-selling game is “Animal Crossing: New Horizons.”
The Kyoto-based company maintained its previous prediction, where net profit fell 22.7% from a year earlier to ¥ 200 billion and operating profit fell 14.9% to ¥ 300 billion, with sales of ¥ 1.2 trillion, down 8.3%.