Nintendo Q2 profits rise on Wii sales
Growth up 33% during second quarter of 2008TOKYO -- Nintendo's profits rose by almost a third in the second quarter of 2008 thanks to the continued strong performance of its Wii console, the company said Wednesday.
The gaming giant's profit for April through June rose to 119.19 billion yen ($1.1 billion), up 31.5% from 90.63 billion yen a year earlier. Net income for the quarter was up 33.7% from the same three months in 2007 to $993 million.
The increasing popularity of the Wii in Europe and the U.S. helped boost sales to 5.17 million consoles, up 1.74 million units over the same period last year.
Despite being on the market since 2004, the DS portable console racked up sales of 6.94 million units, down only slightly from the corresponding quarter in 2007.
DS software sales were up to 36.6 million titles in the quarter, while Wii software sales passed the 40 million mark. Nintendo earns bigger profits on its software than Sony or Microsoft, as many of its hottest sellers are in-house productions.
Nintendo kept its full-year net profit forecast at 325 billion yen ($3 billion). This is below many analysts' estimates.