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Dow Jones Newswires: Nintendo 1Q net profit beat Y94.26B expected in poll of analysts

Nintendo Co. said Wednesday that its first-quarter net profit rose 28% from a year earlier thanks to foreign-exchange gains, despite falls in sales of Switch consoles and software.

The Japanese videogame company said net profit for the quarter ended June 30 rose to 118.98 billion yen ($893.4 million) from Y92.75 billion a year earlier. That beat the estimate of Y94.26 billion from a poll of analysts by Quick.

First-quarter revenue decreased 4.7% from a year earlier to Y307.46 billion and operating profit dropped 15% to Y101.65 billion. Meanwhile, Nintendo booked Y51.80 billion of foreign-exchange gains thanks to a weaker yen in its first quarter, compared with Y739 million in gains a year earlier.

Nintendo sold 3.43 million Switch consoles in its first quarter, down from 4.45 million a year earlier, and sold 41.4 million Switch software copies, down from 45.3 million copies a year earlier.

Nintendo kept its forecasts for sales of Switch console and software, revenue and net profit for the fiscal year ending March 2023. Nintendo continued to expect to sell 21.0 million Switch consoles and 210.0 million Switch software copies. It continued to project revenue to fall 5.6% to Y1.600 trillion and net profit to drop 29% to Y340.00 billion.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

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