Nintendo’s annual profit rockets by 500% after selling 15M Switch consoles

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Nintendo’s annual profit rockets by 500% after selling 15M Switch consoles

Nintendo has announced impressive financial results thanks to strong sales its Switch console, and a new CEO for its business.

Operating profit rose by a huge 505 percent to reach 178 billion yen ($1.6 billion) over the last financial year. Revenue was also up by an impressive 116 percent to hit 1.06 trillion yen ($9.7 billion) over the period as Nintendo sold 15 million Switch units, vastly out-performing the initial target of 10 million set last year. (The firm later updated its forecast to match the 15 million.)

On the games front, Super Mario Odyssey was the biggest seller at 10 million copies, followed by Mario Kart 8 Deluxe (nine million) and Splatoon 2 (six million.) The firm also revealed that it sold over five million of the SNES Classic Edition product, too.

Going forward, Nintendo is aiming to grow Switch sales to 20 million over the next year. Aside from continued games, it is banking on reaching new segments through Labo, its carboard-based product that literally brings games to life. The firm is already forecasting annual revenue of 1.2 trillion yen with an operating profit of 225 billion yen.

That period will see the firm helmed by Shuntaro Furukawa, an existing board member, who is stepping up into the president and CEO role to replace incumbent Tatsumi Kimishima. Kimishima, who is 68, stepped into the breach following the death of Satoru Iwata in 2015. Furukawa is far younger at 46. He joined the company in 1994, has worked in global marketing and was a board member with Pokemon Co.

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