• Loading stock data...
Wednesday, July 24, 2024
Join us this September for Tuned In Request to Attend

Nintendo Profits Underwhelm, Switch Sales Decline

  • The video game giant reported $2.3 billion in sales for the three months ending June 30, 2022.
  • Wall Street analysts projected Nintendo to report $2.5 billion in sales.
Nintendo-logo
Sergey Galyonkin

Nintendo failed to meet expectations in the company’s latest earnings report. 

The video game giant reported $2.3 billion in sales for the three months ending June 30, 2022, down from $2.4 billion for the same period last year. Its operating profit reached $758 million during the quarter, compared to $894 million for the three months ending June 30, 2021. 

Nintendo posted lackluster results behind supply chain disruptions and the semiconductor shortage plaguing the tech industry, leading to a reduction in hardware and software sales. 

  • Wall Street analysts projected Nintendo to report $2.5 billion in sales during the quarter.
  • Analysts also estimated the gaming company would post $860 million in operating profit.
  • Software sales fell to 41.4 million units, down from 45.3 million units for the same period last year. 

The report also revealed that the company is behind schedule for production of its Switch console, sales of which also took a hit during the quarter. 

The Switch — 111 million total units sold since its March 2017 release — saw sales reach 3.43 million units, compared to 4.45 million units for the three months ending June 30, 2021. 

Nintendo expects to have Switch production return to its normal pace by the end of the summer. 

Saudi Investment 

The Public Investment Fund, Saudi Arabia’s roughly $600 billion sovereign wealth fund — which has an extensive gaming portfolio — acquired a 5% stake in Nintendo for $3 billion in May.

The investment makes the PIF the video game company’s fifth-largest shareholder.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The Mississippi Department of Human Services on Monday sued retired NFL quarterback Brett Favre along with several other people and businesses to try to recover millions of misspent welfare dollars that were intended to help some of the poorest people in the U.S.

Judge in Mississippi Welfare Case Boots Brett Favre’s Lead Lawyer

The judge wrote he had a ‘pattern and practice of delicate deception.’
Sponsored

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
April 13, 2024; Columbus, Ohio, USA; Ohio State Buckeyes wide receiver Emeka Egbuka (2) catches a pass for the scarlet team while defended by cornerback Jordan Hancock (7) of the grey team during the first half of the LifeSports Spring Game at Ohio Stadium on Saturday.

As NIL Turns Three, Collectives and Football Still Control the Industry

Collectives dominate NIL, and football makes up most of collective budgets.

Saudi Arabia’s Next Big Sports Target: Boxing, With Joint Venture Worth $5B

The Public Investment Fund of Saudi Arabia is focusing on boxing as its next large-scale sports target.
podcast thumbnail mobile
Front Office Sports Today

NFL’s 18-Game Season & Contract Holdouts, Olympics’ Newest Sport

0:00

Featured Today

The FTC Noncompete Ruling Could Change MMA As We Know It

Fighters could see their options—and earnings—grow.
July 21, 2024

O No Canada: The Next Big Sports Betting Scandal Could Erupt North of the Border

‘It’s open-season for match-fixing up there.’
July 20, 2024

The Road to the Return of ‘EA Sports College Football’

This summer, the biggest development in college sports is virtual.
Apr 15, 2024; Brooklyn, NY, USA; Caitlin Clark poses with WNBA commissioner Cathy Engelbert after being selected with the number one overall pick to the Indiana Fever during the 2024 WNBA Draft at the Brooklyn Academy of Music.
July 16, 2024

Women’s Sports Merch Is a $4 Billion Market, but Supply Isn’t Meeting Demand

Retailers can’t make women’s sports apparel fast enough.

Top Sports Business Jobs This Week (May 2024)

Each week, our staff combs through the thousands of job listings from…
August 10, 2022

PGA Tour Touts Projected Earnings to Keep Players

The PGA Tour is asking its players to consider their potential futures.
October 3, 2022

Real Madrid President Renews Call for Super League

Real Madrid’s president believes that soccer is losing ground.
Sponsored

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
August 10, 2022

Bayern Munich to Make Growth Push in U.S. Market

Bayern Munich is looking to expand its reach in the U.S.
manfred_at_microphone
August 19, 2021

MLB Owners Propose $100M Salary Floor

Major League Baseball owners have proposed a $100 million payroll minimum for MLB’s 30 teams and a lower luxury tax threshold.
nfl_logo
July 23, 2021

NFL to Players: Get Vaccinated or Pay the Price

The NFL’s threatening to drop the financial hammer on un-vaccinated players and teams that cause forfeited games in 2021, according to memo.
roger_goodell
July 15, 2021

Why the NFL Formed Its Own PAC

NFL commissioner Roger Goodell and the NFL have followed in the footsteps of Major League Baseball through establishing a PAC.