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Nintendo reported quarterly revenue for the first fiscal quarter ended June 30 was $2.31 billion, down 4.7% from $2.42 billion a year ago.
Net income, however, was $894.3 million, up 28.3% from $697.1 million a year earlier. Slumping Switch sales were responsible for the lower sales. The Kyoto, Japan-based company said it sold 3.43 million Switch consoles in the quarter, up from 4.45 million in the same period a year earlier. All told, Nintendo sold 23 million Switch machines last year.
Nintendo said its forecast for the fiscal year ending March 31, 2023 is net sales of $12 billion and profits of $2.55 billion. The forecast is unchanged from a quarter ago. It aims to sell 21 million Switch units during the fiscal year.
Nintendo said Nintendo Switch Sports, which debuted in April, sold 4.84 million copies, while Mario Strikers: Battle League (released in June) sold 1.91 million copies.
Kirby and the Forgotten Land sold 1.88 million copies for a total of 4.53 million copies. Mario Kart 8 Deluxe sold an additional 1.48 million copies, reaching a total of 46.82 million copies.
Sales of the downloadable Nintendo Switch versions of packaged software were strong and Nintendo Switch online sales were higher. Overall, digital sales were up 16% in the quarter from a year ago.
But smartphone revenues were down 16.8% from a year earlier.
Nintendo’s big titles coming up are Splatoon 3 in September, Bayonetta 3 in October, and Pokemon Scarlet and Pokemon Violet in November. Xenoblade Chronicles 3 came out at the end of July. The company said it was able to make products in line with its sales plan, but said production could still be hampered by parts shortages and risks related to COVID-19.
Nintendo expects purchases to gradually improve from late summer to fall. And again, the word metaverse doesn’t appear on Nintendo’s earnings slides.
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