Nintendo announced that it expects profit for its current fiscal year to jump by 121 percent. The game giant said on Thursday that sales have hit a seven-year high primarily due to strong sales of its new Switch console. Other important contributors to its skyrocketing profit are its older hardware and mobile gaming efforts.
Its recent earnings for the final quarter of its 2016 fiscal year are particularly significant as they contain the first official sales data on the new Switch console. Since launching on March 3rd, the game company sold 2.74 million Switch units for the rest of the month, which has exceeded the 2 million units the company has long maintained it would ship in March.
Nintendo also forecast sales of 10 million Switch units for the current financial year, which is an extraordinary surge of upcoming earnings. Specifically, it expects to have sold almost 13 million total of the highly popular game console by April. According to The Verge, Switch has sold out of its initial batch, while Nintendo is still supplying additional units in March, the console is still difficult to find at the end of April.
With this data, it suggests that the game console sales is performing at least somewhat above expectations. According to CNBC, the Japanese gaming company forecasts a strong year ahead with a prediction of 65 billion yen of operating profit. If successful, this would mark a 121 percent increase, which would also be the biggest profit for the fiscal year that ended March 2011.
For now, Nintendo is aiming to sell 10 million Switch units, which has already seen 2.74 million units sold plus 5.46 million units of software. It's a successful fiscal year for Nintendo after spending much of the previous 12 months of planning and making things happen in the business. With the release of last summer's hit "Pokemon Go" and more recently "Super Mario Run", it is now making strong progress with a positive earning forecasts in the mid-to-long-term.
