Nintendo says it sold 23.06 million Switch consoles last year, expects sales to fall in fiscal 2022

Japan’s Nintendo played a game in the hearts of retail investors on Tuesday, announcing a 10-for-1 stock split effective Oct. 1, a long-awaited move aimed at improving the liquidity of the video game maker’s shares.

The surprise announcement came as Nintendo said it expects to sell 21 million Switch game consoles in the fiscal year that ends on June 1.

Component shortages have continued into this year and it’s not possible to say when they will end, Nintendo President Shuntaro Fukurawa said at a news conference.

Demand for the Switch, in its sixth year on the market, was boosted by the November launch of an OLED-screen model that sold 5.8 million units through March, but the improved device remains in short supply.

The Kyoto-based company’s stock split comes as a number of tech companies, including Amazon and Google parent Alphabet, have made similar moves in recent months.

Such splits are often viewed as positive for companies’ stock prices, as the lower cost makes them more accessible to some investors. Shares of Nintendo are up 5 percent year-to-date and closed flat ahead of the earnings announcement.

Nintendo sold 23.06 million Switch consoles in March-ending year. This compares to a forecast of 23 million made in February.

Nintendo, which relies on its own titles to drive game sales, expects to sell 210 million software units this year, compared to 235 million last year.

The company has a strong pipeline, despite delaying the Legend of Zelda: Breath of the Wild sequel to spring 2023, with upcoming titles this year including Splatoon 3.

© Thomson Reuters 2022 Nintendo says it sold 23.06 million Switch consoles last year, expects sales to fall in fiscal 2022

Ryan Sederquist

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