Nintendo’s net profits rocket by 541%
Nintendo is also benefiting from COVID-19 and the associated lockdown measures. Their latest financial report shows a massive spike in net profits, increasing by no less than 541% year-on-year.
Net sales between April 1st and June 30th totaled ¥358.1 billion, up from ¥172.1 billion in the first quarter last year. Operating and ordinary profit was also up from last year’s $157 million.
Production is up: “…hardware and software sales both rose on a year-on-year basis, with hardware sales reaching 5.68 million units (166.6% increase on a year-on-year basis), and software sales reaching 50.43 million units (123.0% increase on a year-on-year basis),” according to the report. Switch production is also back on track, making Nintendo able to fill stock shortages.
House bound sales: The staggering performance is thanks to strong Switch hardware and game sales, and especially to Animal Crossing: New Horizons. While many companies in the games industry have enjoyed increased sales due to the pandemic, Nintendo has benefited more than most.