NTDOY - Why Nintendo Stock Popped Today
2024-02-14 13:19:29 ET
Nintendo (OTC: NTDOY) stock got a lift last week after reporting surprisingly strong results in its most recent quarter -- sales up 8% year over year, and profits per share up 18 %. Further helping matters, Nintendo predicted that its operating profits through the end of fiscal 2024 will rise twice that -- 35%, to as much as 510 billion yen.
One week later, on Wednesday, Nintendo shares are on the rise yet again -- up 2.4% through 12:12 p.m. ET. The reason this time isn't earnings, though, but a potential solution to the one sour note Nintendo struck with investors last week.
Sales of Nintendo's once-popular Switch video gaming console continued to slide in the most recent quarter, falling 8% year over year to 13.7 million units, The Fly reported at the time. That's not surprising for a console in its seventh year of production, which is starting to show its age. It does, however, suggest that now might be a good time for Nintendo to give the product a refresh --- or even an entirely new "skin."
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Why Nintendo Stock Popped Today