Nintendo, the renowned Japanese video game manufacturer, announced on Thursday that its net profit for the first quarter of the fiscal year ending March 2024 increased by an impressive 52% compared to the previous year. This outstanding result can be attributed to the success of their highly popular “The Legend of Zelda” series and the release of a Super Mario film.
The net profit for this quarter reached a staggering 181.02 billion yen ($1.26 billion), surpassing the estimated 121.37 billion yen predicted by analysts polled by Quick. Additionally, Nintendo’s first-quarter revenue saw a significant increase of 50% from the previous year, reaching 461.34 billion yen.
During this period, Nintendo sold a total of 3.91 million Switch consoles, which is an uptick from the 3.43 million units sold in the same timeframe last year. Furthermore, they sold an impressive 52.2 million copies of Switch software, up from 41.4 million in the previous year. Notably, the release of “The Legend of Zelda: Tears of the Kingdom” in May contributed significantly to this success, with 18.5 million copies sold during the first quarter.
In addition to their gaming achievements, Nintendo’s venture into the film industry proved incredibly fruitful. As of July 26, their “Super Mario Bros. Movie” achieved a remarkable global box-office revenue of $1.35 billion since its release in April.
Despite their remarkable performance, Nintendo maintains their initial forecasts for Switch console and software sales and overall earnings for the fiscal year ending March 2024. The company projects sales of 15.0 million Switch consoles and 180.0 million Switch software copies during this period. However, they anticipate a decline in revenue by 9.5% to 1.450 trillion yen and a 21% decrease in net profit to 340.00 billion yen.
Overall, Nintendo’s performance in the first quarter has propelled them to new heights, demonstrating their continued dominance in the gaming industry.