Published , by Sam Chandler
Published , by Sam Chandler
The Nintendo Switch continues to do numbers for the Big N, having now surpassed 111 million units sold over its five year life. Nintendo’s Q1 2023 earnings results showed that despite a decline in sales, a semiconductor shortage, and a pandemic, the console-handheld hybrid keeps finding its way into players’ homes.
Nintendo released its Q1 2023 earnings results in the early hours of Wednesday, August 3, 2022, to its Investor Relations page. In this report, Nintendo highlighted that the Nintendo Switch now sits at 111.08 million units sold, an increase of some 3.43 million units over the past quarter. If Nintendo maintains the current trajectory, the Switch could very well outperform the Game Boy, which sits at 118.69 million units sold.
Though the Nintendo Switch has found its way into more homes, Nintendo noted that hardware sales were down some 22.9 percent compared to the same quarter of the previous year (FY22/Q1). This decline in overall sales is attributed to the global shortage of semiconductors, a problem that has been plaguing all areas of the technology industry. Nintendo notes the following:
Sales from our dedicated video game business declined by 4.3% year-on-year to 295.6 billion yen. Positive factors included the depreciation of the yen and the addition of Nintendo Switch – OLED Model with its high unit price to the hardware lineup, but hardware production was impacted by factors such as the global shortage of semiconductor components, resulting in a decrease in hardware shipments and subsequent decline in overall sales.
While the company may be down year-on-year with hardware and software sales, Nintendo actually grew its earnings year-over-year thanks to a currency windfall. The lower value of the yen versus the US dollar and euro saw a $388 million USD foreign exchange gain for Nintendo.
There is plenty more information to dive into in Nintendo’s Q1 2023 earnings results. Take a look at our NTDOY page other highlights.