Nintendo ups FY 2020 net profit outlook to record 400 bil. yen
Nintendo Co. on Monday again raised its net profit outlook for the current business year through March to a record 400 billion yen ($3.8 billion), enjoying robust demand for its game console and hit titles as people spend more time gaming amid the coronavirus pandemic.
Nintendo previously forecast a 300 billion yen net profit for the year.
Sales are now expected to rise 22.3 per cent from the previous year to 1.6 trillion yen, revised up from the previously estimated 1.4 trillion yen, according to Nintendo known for its Switch game console.
It is projecting an operating profit of 560 billion yen, up from 450 billion yen estimated previously.
Nintendo saw brisk sales of game titles such as “Super Mario 3D All-Stars” and “Animal Crossing: New Horizons.”
In the April-December period, net profit almost doubled, growing 91.8 per cent from a year earlier to 376.67 billion yen, with sales up 37.3 per cent at 1.40 trillion yen and operating profit up 98.2 per cent at 521.11 billion yen.