Nintendo Co Ltd

7974: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎7,937.00	Bzrv	Zbvknvww

Nintendo Earnings: Slowdown in Console and Game Shipments Won’t Change Our Long-Term View

Kazunori Ito

Aug 5, 2024

Wide-moat Nintendo’s June-quarter numbers were below our expectations and market consensus. Revenue was JPY 247 billion, down 46.5% from the previous year, but close to our number of JPY 261 billion. As the Switch console has been on the market for more than seven years and the next-generation console will be released soon, we had expected a slowdown in console and game shipments this year. Meanwhile, operating income was JPY 54.5 billion, down 70.6% and well below our expectation of JPY 80 billion due to lower shipments of first-party games and higher-than-expected costs.

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