Nintendo Shares Jump After Guidance Upgrade, 'Zelda' Film Announcement
By Kosaku Narioka
Nintendo shares rose sharply after it raised its fiscal-year earnings forecasts and announced that it would develop a live-action film of the popular game "The Legend of Zelda."
The company's shares were recently 5.6% higher at 6,741 yen after rising as much as 6.6% earlier Wednesday morning.
The Japanese videogame company said Tuesday after market close that net profit climbed 18% from a year earlier to 271.30 billion yen ($1.80 billion) for the six months ended Sept. 30.
First-half revenue rose 21% from a year earlier to Y796.24 billion thanks to greater sales of consoles and software, a weaker yen and the success of "The Super Mario Bros. Movie," the company said.
Nintendo projected that net profit would decline 3.0% to Y420.00 billion in the fiscal year ending March 2024, compared with its previous view of a 21% fall, as it expected higher sales of Switch software than previously thought.
The company also said Wednesday that it would produce the live-action movie of "The Legend of Zelda," together with Arad Productions, led by film producer Avi Arad.
Nintendo said it would fund more than 50% of the production cost and that Sony Pictures Entertainment would co-finance the production and distribute the movie to theaters around the world.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 07, 2023 21:13 ET (02:13 GMT)
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