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    Good time to be a video game company: Nintendo reports $1 billion in quarterly profit

    Aug 6, 2020
    PHOTO: Facebook/Nintendo

    ONE DAY after Sony released its financial results, video game rival Nintendo came out with its own financial numbers, with its solid balance sheets reporting a net profit of $1 billion.

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    The Kyoto-based company said today that it had earned a total of 106.5 billion yen (around $1 billion, or P49.6 billion) from the period of April to June of this year.

    This is about a 600% increase from the same period last year.

    As the world went into lockdown because of the COVID-19 pandemic, video games and consoles became hot commodities.

    Nintendo’s own Animal Crossing: New Horizons, released shortly before COVID-19 became global, became the unofficial game of the quarantine age — “a cheerful and funny video game for the Nintendo Switch that has become a social-media sensation in the era of social distancing,” wrote the New York Times’ Kyle Buchanan.

    Animal Crossing became so popular that even basketball teams were making official outfits for fans to use in the game.

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    Unlike Sony, which has numerous divisions aside from its game and network services arm, Nintendo’s earnings are driven purely by its video game business.

    Total sales for Nintendo for the fiscal quarter totaled 358 billion yen. The firm moved 5.68 million units of both the Nintendo Switch console and its cheaper sibling, the Switch Lite.

    With the massive demand, resellers jacked up the price of available units during the height of quarantine.

    Sony and Nintendo are one of the few business bright spots in a world struggling during a COVID-19-induced recession. Just today, Toyota reported a 74 percent drop in profit, with global sales reduced to just 1.2 million cars from April to June, compared to 2.3 million units the same time last year.

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    PHOTO: Facebook/Nintendo
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