Nintendo Announces Third Quarter Financial Results for Fiscal Year 2024-25

Nobody enjoys having to adjust forecasts downward after the holiday season, but honestly, what did you expect?

Nintendo released its financial results for the fourth calendar quarter of 2024 in Japan today. What might usually be considered a strong showing is somewhat overshadowed by the fact that this marks the Switch’s eighth holiday quarter.

To give you an idea, all financial figures are presented in yen (¥), with US dollar equivalents calculated at an exchange rate of ¥155.32 to $1.

Financial Overview

• Revenue: ¥423.919 billion (approximately $2.787 billion), a decline of 27.67% from the previous year.
• Operating Income: ¥126.084 billion (around $812 million), down by 31.60%.
• Ordinary Income: ¥180.017 billion (about $1.159 billion), which is a 42.6% increase.
• Digital Sales: ¥85.9 billion (roughly $553 million), down 33.36%, with digital sales accounting for 51% of software for the fiscal year.
• Mobile and IP Revenue: ¥18.5 billion (approximately $119.1 million), down by 8.42%.

Hardware Shipments

During the quarter, Nintendo shipped 4.82 million Switch systems. This includes 2.62 million OLED models, 1.52 million of the standard model, and 780,000 Lites. The Switch has crossed the 150 million units shipped milestone. It’s poised to surpass the DS sometime in 2025, needing just 3.16 million more shipments, and another 9.24 million to leapfrog the PlayStation 2—based on Sony’s late 2024 updates.

New Software Performances

The big hit of the quarter was "Super Mario Party Jamboree," with shipments hitting 6.17 million units. It’s flying off the shelves faster than 2018’s "Super Mario Party" and 2021’s "Mario Party Superstars." Another major release, "Mario & Luigi: Brothership," has shipped over 1.84 million copies worldwide. Additionally, "The Legend of Zelda: Echoes of Wisdom," released on September 26, has already hit 3.91 million copies shipped.

Catalogue Sales Highlights

"Mario Kart 8 Deluxe" continues its reign in the Switch software arena, with 3.06 million units shipped this quarter, bundles included, bringing its total lifetime sales to 67.35 million copies. While the top 10 line-up hasn’t shifted much, anticipate that "Pokemon Scarlet/Violet" will exchange spots with "Sword/Shield" in the next few quarters.

Other Announcements

In a bit of a setback, Nintendo had to lower its estimates once more this fiscal year. The new forecasts are 11 million systems shipped, down from 12.5 million, and 150 million units of software, trimmed from 160 million. Revenue projections were reduced by 7%, operating profit by 22.2%, ordinary profit by 11.9%, and net profit experienced a 10% dip.

So, while the news isn’t all sunshine and rainbows, the numbers give us a telling snapshot of where Nintendo stands in this evolving landscape.