Nintendo Fiscal Year 2024: $11.6 billion revenue, $3.5 billion in profit, 30% margin

Nintendo has published solid earnings results as the Switch enters its eighth year on the market.

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Nintendo's Fiscal Year 2024 shows two clear trends: Switch sales are slowing down, but gamers are still voraciously consuming software and content for the aging system. A quick note before we delve into the financials - These values are based on yen to USD conversion rates listed in Nintendo's quarterly reports, which assumes the following rates: Q1 - 144.56, Q2 - 149.37, Q3 - 141.04, Q4 - 151.

Throughout FY24, which ran from April 2023 - March 2024, Nintendo generated a total of $11.6 billion in net sales revenue, down -2% year-over-year. This is due to a more pronounced drop in Switch hardware sales (15.7 million shipments, down -12.6%), and a smaller decrease in software purchases (down 6.7%).

• Read more: Nintendo Switch breaks 141 million sales, expected to beat DS by March 2025
• Read more: Nintendo holiday sales plummet to lowest point since Switch launch
• Read more: Nintendo sales drop -30% to $7.6 billion, Switch 2 expected to drive $13 billion net sales

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Operating profit was actually up 2.36% to $3.812 billion, representing a strong 33% operating margin.

Nintendo's total profits for FY24 were also up 10.5% to $3.514 billion, also representing a strong 30% profit margin.

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For Fiscal Year 2025, the company expects to make 1.35 trillion yen in net sales with a 1USD = 140 yen exchange rate. This would equate to roughly $9.6 billion in net sales, which is a significant reduction of -$2 billion or about 17%. Hardware sales are also expected to be down by over 2 million units to 13.5 million.

Note that this forecast is only for the current hardware-software cycle and only includes the Switch family. Nintendo is expected to release a new Switch model, but that may happen after FY25.