Japanese consumer electronics and video game company Nintendo Co Ltd (TYO:7974) has released results for its first financial quarter ended June 30 in which the company recorded declined sales for its Switch console.
Sales of the console plunged by 22% in the first quarter as demand for its devices generally recorded a decline. This is the fifth year since the Switch console was launched by the Japan based company.
In the period April to June, the company sold 1.14 million Switch Lite units, which is slightly more than half what is sold last year at a similar period. Nintendo sold a total of 4.45 million Switch consoles including Switch Lite in the first quarter.
Nintendo takes credit for creation of classic games including Super Mario and Animal Crossing. The company’s operating profit in the quarter declined by 17% to $1.1 billion, this was slightly lower than the $1.2 billion expected by analysts.
The company is looking forward to revamp its Switch Console sales on Oct 8 when it will be launching a new Switch OLED model which will be going for $349.99.
Also during the reporting of its first quarter results, the company announced a share buyback plan in which it will be repurchasing 1.5%of its shares.