Nintendo shares soar on new Switch target
TOKYO, Japan — Nintendo shares surged more than 10% on Wednesday after the Japanese gaming giant hiked forecasts for its Switch 2 console and annual profits.
The company said Tuesday it aims to sell 19 million Switch 2 consoles this financial year, up from its previous target of 15 million units.
In a statement after markets closed, Nintendo raised its annual net profit forecast to 350 billion yen ($2.3 billion) from 300 billion yen.
The company's president Shuntaro Furukawa told analysts that the latest device has not yet surpassed the Nintendo DS, its best-selling platform, although it is expected to do so "if current sales momentum continues", the Nikkei business daily reported.
Nintendo shares were up 8.18% at 14,005 yen in morning trade, having briefly been more than 10% higher at 14,265 yen.
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