Good day for gaming giants Sony and Nintendo, as they both top estimates
Nintendo got a boost from higher online sales of software, while PlayStation games and the music business boosted Sony
Tokyo — Nintendo and Sony both topped analysts’ estimates for quarterly earnings on Tuesday. Nintendo got a boost from software higher software sales online, making up for weaker shipments of the Switch console, while Sony was lifted by strong sales of PlayStation games and growth in its music business. Operating profit at Nintendo was ¥30.5bn ($274m) in the June quarter, compared with analysts’ average projection for ¥25.6bn. Revenue, however, was ¥168bn, short of the average projection for ¥186.9bn. The company maintained its full-year forecasts for profit, and for hardware and software sales. The strong results are the latest twist for Nintendo, which has gone from one of Japan’s hottest stocks to a target for short-sellers — wiping out all its gains in the past year. But with Switch software and hardware shipments holding up, new president Shuntaro Furukawa has a chance to focus on the launch of its highly anticipated online game service in September. "The market is pricing an e...
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