Nintnedo announced that its first-quarter net profit rose 28% from a year earlier, thanks to foreign exchange gains, despite a decline in sales of Switch consoles and software.
The Japanese video game company said net profit in the quarter to June 30 rose to 118.98 billion yen ($893.4 million) from 92.75 billion yen a year ago.
Estimates were for 94.26 billion yen.
First-quarter revenue fell 4.7% from a year earlier to 307.46 billion yen, while operating profit fell 15% to 101.65 billion yen.
Meanwhile, Nintendo posted a foreign exchange profit of 51.80 billion yen, thanks to a weaker yen in the first quarter, compared with 739 million yen a year ago.
The company sold 3.43 million Switch consoles in the first quarter, down from 4.45 million a year ago, while it sold 41.4 million copies of Switch software, down from 45.3 million a year ago .
Nintendo maintained its estimates for sales of Switch consoles and software, as well as revenue and net profit for the year ending March 2023.
The Japanese company maintained its estimates for sales of 21 million consoles and 210 million copies of Switch software.
It continues to forecast that revenue will decline 5.6% to $1.6 trillion. yen and net profit to fall 29% to 340,000 billion yen.
Source: Capital
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