Nintendo lowers FY 2022 net profit outlook to 370 bil. yen

Nintendo Co. on Tuesday lowered its net profit forecast for the current business year through March to 370 billion yen ($2.8 billion) from its earlier projection of 400 billion yen, affected by a fall in sales of its gaming hardware as well as exchange rate fluctuations.

The net profit projection marks a 22.5 percent fall from the previous year, the gaming company, known for its Switch consoles, said.

Nintendo said sales are now expected to fall 5.6 percent from the year before to 1.60 trillion yen, revised down from 1.65 trillion yen.

The company changed its assumed exchange rate for the year to 125 yen against the U.S. dollar from the previous 135 yen.

© Kyodo News