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Nintendo Disappoints With Tepid Outlook

No.459939842 ViewReplyOriginalReport
>Nintendo Co. delivered a double dose of disappointment, posting earnings guidance well below analysts’ estimates and signaling it would not introduce a highly anticipated new model of the Switch game console at a June trade show.

>Operating profit was 29.7 billion yen ($266 million) in the three months ended March, compared with the 36 billion yen average of estimates compiled by Bloomberg. For the current fiscal year, operating profit will be 260 billion yen, below the 350.2 billion yen expected by analysts.

>Shares have rallied this year on optimism that a cheaper version of the Switch, a stronger lineup of games and a potential entry into China will help overcome last year’s missteps and broaden Nintendo’s customer base beyond dedicated fans. But President Shuntaro Furukawa tamped down those expectations after the results, saying the China launch is far off and there’s no plan to unveil a new Switch at the Electronic Entertainment Expo in the U.S.

>“The market wanted a little more,” said Tomoichiro Kubota, an analyst at Matsui Securities in Tokyo. “Releasing new hardware sooner would have definitely helped this year’s numbers, but it seems we’ll have to wait a little bit longer for that.”

Thoughts? Personally I think the lack of good hardware specs continues to spiral nintendo further down into irrelevancy. While selling more than previous home consoles, as a handheld the numbers are by no mean excellent, especially when it doesn't have a playstation rivaling it in competition. Things will only get worse once the gap in power escalates with the ps5/nextbox