Nintendo earns $3.2 billion in net profit for fiscal year 2022.
Nintendo Announces Decrease in Profits for 2022 Fiscal Year
Nintendo, the Kyoto-based consumer electronics company, has released its comprehensive balance sheet for the 2022 fiscal year ending in March. The report states that the company’s net profit for the fiscal year was 432.7 billion yen, down 9.4 percent compared to the previous fiscal year.
Operating profit also fell by 14.9 percent to 504.3 billion yen ($3.73 billion) in the fiscal year, and sales revenues decreased by 5.5 percent to 1.6 trillion yen ($11.8 billion).
The report also included sales data for the company’s popular “Switch” model game console, which was first released in 2017. The console, which sold 28.8 million units in 2020 and 23 million units in 2021, only sold 17.9 million units in the 2022 fiscal year.
Looking ahead, Nintendo expects its net profit to decline by 21.4 percent to 340 billion yen ($2.5 billion) for the 2023 fiscal year, which will end in March 2024.
While this news is not encouraging for Nintendo, the company remains a major player in the gaming industry. It will be interesting to see how they respond to these challenges and what new products and innovations they have in store for the coming years.
