CMCSA - Nintendo full-year sales drop nearly 6% as Switch sales plummet 22%

2023-05-09 08:42:17 ET

Nintendo ( OTCPK:NTDOY ) released its full-year results on Tuesday, noting that revenue for the period fell 5.5% as sales of its Switch console waned.

From April 2022 to March 31, 2023, Nintendo ( OTCPK:NTDOY ) said Switch sales were 17.97M, down 22.1% year-over-year, as the company cited shortages in semiconductors and other components as impacts to production until the end of summer.

The company also said it did not experience sales growth during the holiday season that it saw the previous fiscal year.

For the full-year, revenue came in at $12.59B, inline with the company's own forecast and down 5.5% year-over-year. Net profit came in at $3.2B, slightly better than the company's own forecast.

Looking ahead to the fiscal 2024 year, Nintendo ( OTCPK:NTDOY ) said it expects to sell around 15M Switch consoles and 180M software units, including The Legend of Zelda: Tears of the Kingdom , which is slated to be released on Friday.

Based in Kyoto, Japan, Nintendo ( OTCPK:NTDOY ) expects full-year revenue to be around $10.7B, with operating profit of around $3.3B, ordinary profit of $3.55B and profit attributable to shareholders around $2.5B.

Nintendo ( OTCPK:NTDOY ) added that the success of The Super Mario Bros. Movie , which has generated almost $1.2B at the box office so far, is a part of the company's efforts to expand access to Nintendo IP.

"Through initiatives like this, we will work to continually grow our dedicated video game platform business, which is our core business," Nintendo added of the movie, co-produced with Comcast's ( CMCSA ) Illumination.

More on Nintendo and Super Mario

• 'Super Mario Bros. Movie' tops $1B, first film to cross the milestone in 2023
• Comcast's 'Super Mario' Lesson: Increase Theatrical Investment
• Nintendo: An Undervalued Company With Some Fantastic Franchises

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