Consolidated Financial Highlights: Three Months Ended June 30, 2024

Nintendo’s consolidated financial results for the first quarter ended June 30, 2024, reflect a significant year-over-year decline in performance, primarily driven by the absence of major software releases comparable to the previous year’s high-profile launch of The Legend of Zelda: Tears of the Kingdom. Net sales for the quarter reached 246.6 billion yen, representing a 46.5% decrease compared to the same period in 2023. Operating profit fell by 70.6% to 54.5 billion yen, while profit attributable to owners of the parent declined by 55.3% to 80.9 billion yen.

The decline in revenue was broad-based across key segments. Hardware sales totaled 2.10 million units, a 46.3% drop, while software sales fell 41.3% to 30.64 million units. Digital sales also contracted by 32.6% to 80.7 billion yen. Additionally, the mobile and IP-related business saw a 53.8% reduction in revenue, totaling 14.7 billion yen, as the prior year’s results were bolstered by the commercial success of The Super Mario Bros. Movie. Despite these challenges, international markets remained a critical revenue driver, accounting for 74.2% of total sales.

The company maintains its original full-year financial forecast for the fiscal year ending March 31, 2025, which projects net sales of 1.35 trillion yen and an operating profit of 400 billion yen. Management intends to support these targets by continuing to promote the Nintendo Switch platform and releasing new software titles, including The Legend of Zelda: Echoes of Wisdom, to sustain consumer engagement. As of June 30, 2024, the company reported total assets of 3.18 trillion yen and a capital adequacy ratio of 81.3%, indicating a stable financial position despite the quarterly earnings contraction.