Japan News
Kyoto – (Jiji) – Nintendo Co said on Tuesday it cut its profit forecast for the year ending next month due to slowing sales of the Switch video game console.
The Japanese company cut its net profit forecast by 30 billion yen to 370 billion yen, down 22.5% from a year earlier.
Nintendo cut its operating profit forecast by 20 billion yen to 480 billion yen, down 19% from a year earlier. Sales forecasts were cut by 50 billion yen to 1.6 trillion yen, down 5.6 percent.
The company also lowered its Switch sales forecast by 1 million units, to 18 million units.
“Overseas sales were not as large as seen in the previous two holiday seasons, although production constraints due to semiconductor shortages have been largely resolved,” Nintendo President Shuntaro Furukawa said at an online press conference.
(Originally written in English, Jiji Press)
