November 11th, 2020, 17:33 Posted By: wraggster
Nintendo has released its results for the first half of its fiscal year, showing a dramatic increase in profits.
For the six months ended September 30, net sales were reported at ¥769.5 billion ($7.4 billion) -- up 73% from the ¥444 billion ($4.3 billion) recorded during the same period last year.
Of this, overseas sales accounted for ¥596.4 billion ($5.7 billion) or 77.5% of the total.
The surge in sales contributed to a 209% year-on-year rise in operating profit, now at ¥291.4 billion ($2.8 billion), while ordinary profit is up 249% to ¥297.5 billion ($2.85 billion).
The platform holder did not attribute the growth to anything in particular, but it's a safe bet the pandemic and its impact on people's increased appetite for video games has been a major factor.
Following a successful start to its financial year, Nintendo has increased its forecasts for the 12 months ended March 31, 2020.
Net sales are now expected to reach ¥1.4 trillion ($13.4 billion), up from ¥1.2 trillion ($11.5 billion).
Operating profit estimates has been increased from ¥300 billion ($2.9 billion) to ¥450 billion ($4.3 billion), while ordinary profit has been raised from ¥290 billion ($2.8 billion) to ¥440 billion ($4.2 billion).
By comparison, net sales for the previous financial year were ¥1.3 trillion ($12.5 billion), with operation profit at ¥352.3 billion ($3.4 billion) and ordinary profit to ¥360.4 billion ($3.5 billion).
Hardware sales for the six-month period rose by 80.9% year-on-year to 12.53 million units, of which the primary model of the Nintendo Switch accounted for 8.36 million, with 4.17 million Switch Lite units sold.
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