Nintendo Reports Impressive Profits For The Recently Concluded Fiscal Year

Nintendo Co’s fiscal year ended in March and the company has reported impressive earnings for the year. Nintendo Co, like a long list of other global companies attributed its impressive earnings to the coronavirus pandemic that kept people at home. The coronavirus pandemic and the lockdowns that came afterwards prevented people from leaving their homes to work, and hanging out with friends and family. Video gaming was one of the things people turned to for entertainment.

Nintendo Co., popular for its Pokemon and Super Mario games reported an annual profit of ¥480.4 billion ($4.4 billion dollar). This amount is up from ¥258.6 billion from the previous fiscal year. The company’s profits therefore jumped 86 percent and were as a result of healthy sales of its Switch handheld machine. Nintendo Co’s profits which got released on Thursday surpassed the company’s internal profit forecast of ¥400 billion ($3.7 billion).

The company revealed that sales went up 34 percent to ¥1.76 trillion ($16 billion). The demand for ‘Animal crossing: New Horizons’, categorized under Software Sales remained strong. 20.85 million units were sold. Cumulative units of game software sold amounted to32.6 million units, and games like ‘Mario Kart 8’ and ‘Ring Fit Adventure’ made up most of the remaining units of game software sold cumulatively. The company also announced that its digital downloads for its Switch was more than impressive.

Nintendo revealed that it doesn’t expect the ongoing fiscal that ends in March of next year to be as impressive as the just concluded year. The company said that it expects profits to go down 29 percent to ¥340 billion ($3 billion).

Nintendo announced that there are new games already in the works that are expected to be released soon. While the pandemic brought many businesses to their knees, companies like Nintendo were busy recording new milestones. With the effects of the pandemic slowly rubbing off, companies like Nintendo that recorded huge profits expect a drop in their profits and total earnings.

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