Nintendo Co Ltd in an announcment this morning said the companies profit is up 121 per cent in the year to March 2018.
Nintendo’s newest console, the Switch, is the driving force behind this growth. 2.74 million units of the portable home console have been sold, and the company aims to reach their intended 10 million sales figure before the end of the year – on top of the units already sold.
"I was relieved by a strong start of the Switch," said Nintendo president Tatsumi Kimishima. "If the 10 million target is achieved that means the sales momentum would be close to the Wii."
News agency Reuters reported that when asked about the lower profit outlook with the Switch sales, Kimishima reportedly said, ‘it is not an easy target because the firm is stepping up marketing costs for the Switch.’
The company posted a profit of 65 billion Yen, which is up on their previous year, but is down on the expectations of industry analysts. The Nintendo Wii, the last successful home console for the company sold over 20 million units in its first year on sale.