Japan-based gaming behemoth, Nintendo Co Ltd reported a 428% jump in first-quarter profit. And this is all because of the rise in demand for its Switch console and hit title Animal Crossing: New Horizons.
We all know that the ongoing coronavirus outbreak boosts the games industry dramatically. And that’s why, the operating profit of Nintendo during April-June was 144.7 billion yen (around $1.37 billion). Obviously, the fresh figure badly beats the average estimation of 71 billion yen from 12 analysts polled conducted by Refinitiv SmartEstimate.
There is no doubt at all that Nintendo has proved itself a winner of the pandemic as gamers showed dramatic response towards its title Animal Crossing, which sold 10.6 million units in the first quarter, bringing its total sales to 22.4 million.
This Kyoto headquartered company sold 5.7 million Switch consoles in the first quarter, which can break down as 3 million of the hybrid home/portable Switch units and 2.6 million units of the portable-only Switch Lite.
Notably, Nintendo also maintained its sales forecast of 19 million Switch consoles in the current financial unit. Chief Executive Shuntaro Furukawa has said previously the boost from the coronavirus is transitory.
The games pipeline for the Switch is unusually bare. Nintendo said on Thursday it would release an enhanced version of Pikmin 3, originally released for predecessor console Wii U.
The pandemic has impacted Nintendo’s real-world plans, with Comcast Corp’s Osaka-based theme park Universal Studios Japan pushing back the opening of a Nintendo-themed land.