Nintendo reports bumper US$1bn net profit in first quarter

Nintendo's massive profits were fuelled by a surge in demand for its Switch console and its popular 'Animal Crossing' game. TOKYO: Nintendo on Thursday reported net profit surged to US$1 billion in the first quarter, with players stuck at home during the coronavirus virus driving extraordinary demand for the gaming industry.

The Japanese giant raked in 106.5 billion yen for the three months to June, a more than six-fold increase from 16.6 billion yen a year earlier.Sales more than doubled to 358 billion yen, as demand for its popular Switch console remained robust, as the device entered the crucial fourth year since its launch.

The results far exceeded the expectations of analysts and come on the back of the runaway success of both the Switch and Nintendo's hit"Animal Crossing" game. "Sales for the entire Nintendo Switch family rose 166.6 per cent year-on-year to 5.68 million units," the firm said, referring to both the original Switch and the stripped-back Switch Lite.

Nintendo is one of a"handful" of major companies seeing significant business opportunities from the coronavirus outbreak, analysts said."Demand for video games has remained strong among people staying home following the pandemic," Hideki Yasuda, an analyst at Ace Research Institute in Tokyo, told AFP ahead of the results.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan's Nintendo seen posting bumper profit as fans await pipeline updateJapan's Nintendo Co Ltd on Thursday is expected to post a 160per cent jump in first-quarter operating profit as its hit Switch console and titles ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

DBS Q2 profit beats estimates as business picks upSINGAPORE: DBS Group reported a 22 per cent fall in second-quarter net profit on Thursday (Aug 6) after shoring up loan loss allowances in a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

DBS Q2 profit skids 22% on loan losses, says business steadyingSINGAPORE: DBS Group's second-quarter net profit slumped by a fifth as it boosted loan-loss provisions in a pandemic-hit market, but Southeast ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Thomson Reuters reports lower second-quarter revenue, operating profitThomson Reuters Corp on Wednesday reported slightly lower revenues for the second quarter and an 18per cent decline in operating profit, and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Toyota's first-quarter profit nearly wiped out as coronavirus erodes car salesToyota Motor Corp posted a 98per cent plunge in its first-quarter operating profit on Thursday as the coronavirus pandemic halved it global sales.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Teva Pharm second-quarter profit slightly beats profit forecastIsrael-based Teva Pharmaceutical Industries reported a slightly smaller than-expected fall in second-quarter profit on Wednesday, as higher ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »