It was on like Donkey Kong for Nintendo last quarter, as the Japanese gaming giant’s profits went through the roof.
More Mario. Nintendo’s (NTDOY +4.39%) fiscal 1st quarter profits jumped 428%. The pandemic seems to have encouraged more people to play video games.
- From April to June, the company made $1.4 billion in profits.
- Nintendo Switch and Switch Lite sales increased by 167% to 5.68 million units for the quarter.
- Digital sales of software exploded by 230%.
Animal Crossing. Sales for the social-adventure game doubled for the quarter, with 22.4 million copies sold. Sales for Animal Crossing even beat Super Smash Bros. Ultimate.
How does it affect my wallet?
Gamer immunity. The gaming industry is proving to be resistant to the pandemic’s negative impact, as people spend more time inside.
- While Sony (SNE -0.95%) did report a 1% decrease in profits for Q1, their game sales had an 82% year-on-year boost.
- Big bucks. Gaming scores nearly $150 billion in yearly revenue, making it one of the largest tech industries in the world.
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