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Nintendo profit drops on exchange rate despite sales boost

Posted at 1:06 AM, Jul 30, 2019
and last updated 2019-07-30 04:06:35-04

TOKYO (AP) — Japanese video game maker Nintendo Co. has reported its fiscal first quarter profit dipped to about half of what it was a year earlier despite improved sales as an unfavorable exchange rate eroded earnings.

Nintendo said Tuesday its profit in the April-June quarter totaled 16.6 billion yen ($153 million), down from 30.6 billion yen the year before. Quarterly sales rose 2% to 172 billion yen ($1.6 billion).

Nintendo sold 2.13 million Nintendo Switch machines for the period.

The Switch is a hybrid game machine that works both as a console and a tablet. More than 36.87 million consoles have been sold since sales began about two years ago.

Nintendo’s forecasts for the fiscal year were unchanged at 180 billion yen ($1.7 billion) profit on 1.25 trillion yen ($11.5 billion) sales.