Nintendo shaves 10% off its Switch console forecast

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Wary of the downturn and chip shortage, Nintendo lowered its forecast for Switch console sales by 10% to 19 million for the fiscal year ending March 31.

The Kyoto-based company said its operating profit was $809 million in the quarter ended Sept. 30, up from $683 million in the same quarter a year ago.

Analysts expected a profit of $801.8 million. The company said it now expects net profit to be higher this year on the back of the weak yen. It expects operating profit for the fiscal year to be $3.4 billion.

A chip shortage caused Nintendo to sell fewer Switch consoles in the quarter than a year ago. The company says it is now in the process of holiday shopping and believes demand is high. It looks like the chip shortage will ease as the world slides into an economic downturn.

Meanwhile, Splatoon 3 became the company’s fastest-ever Switch game launch, with 7.9 million games sold to date. The weak yen also prompted Nintendo to boost its annual net profit forecast.

Nintendo Switch Sports has sold 6.15 million copies. Mario Strikers: Battle League has sold 2.1 million copies and Xenoblade Chronicles has sold 1.72 million copies.

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