Nintendo’s June quarter sales fall 4.7% to $2.31B, while profits rise 28%

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Nintendo reported quarterly sales for the first fiscal quarter ended June 30 were $2.31 billion, down 4.7% from $2.42 billion a year ago.

Net profits, however, were $894.3 million, up 28.3% from $697.1 million a year earlier. Slumping Switch sales were to blame for the lower revenue. The Kyoto, Japan-based company said it sold 3.43 million Switch consoles in the quarter, down from 4.45 million for the same period a year earlier. All told, Nintendo sold 23 million Switch machines last year.

Nintendo said its forecast for the fiscal year ending March 31, 2023 is to hit net sales of $12 billion and profits of $2.55 billion. The forecast is unchanged from a quarter ago. It aims to sell 21 million Switch units during the fiscal year.

Nintendo said that Nintendo Switch Sports, which debuted in April, saw sales of 4.84 million copies, while Mario Strikers: Battle League (released in June) saw sales of 1.91 million copies.

Kirby and the Forgotten Land sold 1.88 million copies, hitting a cumulative total of 4.53 million copies. Mario Kart 8 Deluxe sold another 1.48 million copies, hitting a total of 46.82 million copies.

Sales were strong for the Nintendo Switch downloadable versions of packaged software and Nintendo Switch online sales were higher. Overall, digital sales were up 16% in the quarter from a year ago.

But income from smartphones declined 16.8% compared to a year earlier.

Nintendo’s big titles coming include Splatoon 3 in September, Bayonetta 3 in October, and Pokemon Scarlet and Pokemon Violet in November. Xenoblade Chronicles 3 released late in July. The company said that it was able to make products in accordance with its sales plan, but it said manufacturing could still be hampered by parts shortages and risks associated with COVID-19.

Nintendo expects procurement to gradually improve from late summer towards autumn. And once again, the word metaverse does not appear in Nintendo’s earnings slides.

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