Wary of the downturn and a chip shortage, Nintendo cut back 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 September 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 that net income will be higher for the year, due to 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 year than a year ago. The company says it’s now loading up for the holiday shopping season and it believes demand is strong. It seems like the chip shortage will ease now that the world is slipping into an economic downturn.
Meanwhile, Splatoon 3 became the company’s fastest Switch game launch ever, with 7.9 million sold to date. The weak yen also prompted Nintendo to lift is 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 is at 1.72 million copies sold.