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Nintendo Raises Sales Forecast For Switch Video Game Console

Japanese video game giant Nintendo (NTDOY) raised its forecast for sales of its flagship Switch video game console this year to 15.5 million units amid strong global demand.

Nintendo had previously said that it expected to sell 15 million Switch consoles during its current fiscal year.

The upwardly revised sales forecast comes as Nintendo reported better-than-expected financial results for what was its fiscal third quarter.

The company reported net sales of 598.6 billion Japanese yen ($4 billion U.S.), which was better than the 568.7 billion yen expected among analysts.

Nintendo’s profit equaled 136.7 billion Japanese yen compared to 130.3 billion yen that was forecast by analysts who cover the company.

The company’s sales were down 6% year-over-year while its profits rose 18% from the same period in 2022.

Nintendo continues to extend the life of its seven-year-old Switch console, much to the surprise of industry observers.

The company said that the popularity of last year’s “Super Mario Bros. Movie” and the launch of a new Zelda video game helped sales of the console to remain strong.

The release last October of a new video game called “Super Mario Bros. Wonder” has also been positive, selling nearly 12 million units since its launch.

Looking ahead, Nintendo raised its financial forecasts for the current fiscal year ending in March, saying it expects 1.63 trillion Japanese yen in sales, up from a previous forecast of 1.58 trillion.

The gaming giant forecasts a net profit of 440 billion yen, compared with the 420 billion yen that it had previously forecast.

Nintendo’s stock has risen 32% in the last 12 months to trade at $13.99 U.S. per share.