Let me first just say I finished an epic weekend with my oldest daughter playing Mario on the Switch, while binge watching Stranger Things 2. Indeed, what a time it is to be alive for the 80s babies. Seriously though, $NTDOY has a huge hit with this new Mario game, and WOW! I’m already amp’d up for Stranger Things 3, very bullish in $NFLX.
But, let’s get back to Nintendo. My position, and STOCK OF THE YEAR, is up well over 100% for the year, and I’m looking for more. Here’s the latest from the company on their switch console:
The Kyoto-based company nearly doubled its full-year operating profit forecast Monday Oct. 30, as concerns of supply shortages for its Switch video game console continue to abate.
Nintendo reported fiscal second quarter earnings of 28 cents per share Monday, which was double what analysts polled by FactSet expected. Sales of $1.93 million also topped analysts’ expectation of $1.53 million.
Switch, which launched in March, is a hybrid home-portable gaming system. Shortly after it was released, Nintendo stock soared to a nine-year high. Sales of the Switch device rocketed past estimates, leaving suppliers scrambling to score enough parts to keep up with consumers.
In an earnings brief, Nintendo President Tatsumi Kimishima said the company “boosted Switch production to meet strong demand as it was difficult for customers to buy the consoles at retail stores.”