Nintendo Beats Earnings Expectations and Raises Full-Year Profit and Switch Targets
Nintendo (NASDAQOTH: NTDOY) reported second-quarter and half-year earnings on Oct. 30, delivering revenue and earnings that topped the average analyst estimate. Quarterly sales of roughly $1.9 billion came in well ahead of the average analyst estimate of $1.53 billion, and operating profit of $210 million beat the average analyst estimate of $168 million.
Strong performance across the stretch and demand for Nintendo's Switch video game console prompted the company to revise its full-year sales and profit targets. The company raised its full-year sales target from roughly $6.6 billion to $8.5 billion, and now expects full-year operating profit to come in around $1.07 billion -- up from the $527 million target that it issued with its last quarterly report. These targets put the company on track to record its best and most profitable year since 2010.
Shares gained nearly 7% in the day of trading following the earnings release and target revisions.
Source: Fool.com
