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Nintendo expects profit for its current fiscal year to jump by 121 percent

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Nintendo said on Thursday that it expects profit for its current fiscal year to jump by 121 percent, hitting a seven-year high, thanks to strong sales of its new Switch console, older hardware and mobile gaming efforts.

The Japanese gaming giant forecast for the fiscal year ending March 31, 2018:

Net sales of 750 billion yen ($6.7 billion)
Operating profit of 65 billion yen
10 million units of the Switch consoles to be sold
On Thursday, Nintendo reported earnings for the fiscal year ended March 31, 2017. The key figures are:

Net sales of 489.1 billion yen, a 3 percent year-on-year decline, but beating its own guidance
Operating profit of 29.4 billion yen, a fall of 10.7 percent year-on-year
Nintendo's forecasts, however, set it up for a strong year ahead. Its forecast of 65 billion yen of operating profit, if realized, would mark a 121 percent increase. It would also be the biggest profit since the fiscal year ended March 2011. The company is aiming to sell 10 million Switch units. The console, which went on sale last month, has already seen 2.74 million units sold


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