Nintendo shares climb on swift Switch sales

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Tokyo-listed shares in Nintendo rose as much as 2.9 per cent on Friday after the company reported sales of its new Switch console had outpaced even those of the Wii – one of the best-selling consoles of all time – since it hit store shelves on March 3.

The Kyoto-based games maker on Thursday reported it had sold 2.74m Switch units worldwide – higher than most analysts had expected – as well as 2.76m copies of its flagship launch title, The Legend of Zelda: Breath of the Wild.

The share price rise comes even after the company issued a forecast for a 56 per cent year-on-year decline in annual net profit for the new financial year through March 2018, made despite a relatively strong lineup of titles in the months leading up to Christmas this year.

The company also forecast sales of just 10m units for the Switch – a number analysts said was likely far lower than could be expected if Nintendo ramps up production significantly to meet strong demand.

Shares were up 2.8 per cent in morning trade at ¥28,245. That put them just shy of a 90 per cent rise compared to a year prior.

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