Nintendo increases net profit to 408 billion yen

Kyoto-based consumer electronics company Nintendo has announced its current balance sheet and updated expectations for the 2023 fiscal year, which will end in April 2024.

According to the statement, the company's net profit rose by 17.9 percent compared to the same period of the previous fiscal year, reaching 408 billion yen (2.75 billion dollars).

It was noted that the company's net profit margin for this period reached the highest level ever recorded for the April-December period of a fiscal year.

JAPANESE YEN'S DEPRECIATION HAD A POSITIVE IMPACT

It was emphasized that the profit margin was positively affected by strong demand for console and video game sales, as well as the depreciation of the Japanese Yen against foreign currencies.

Nintendo President Shuntaro Furukawa stated in an online announcement, "Console sales are stable. We will continue to focus on (the) 'Switch' (console) in the coming quarter."

Nintendo now aims for its net profit for the entire fiscal year to reach 440 billion yen (2.97 billion dollars), rather than the 420 billion yen it had previously announced.

News Source: AA