1051 GMT -- Nintendo Co. is the most mentioned company in the news over the past six hours, according to Factiva data, after the Japanese videogame company lowered its full-year target for Switch console sales, but raised its annual net profit and revenue guidance, in part because of the weaker yen. The company now expects net profit of 400.00 billion yen ($2.73 billion) on revenue of Y1.650 trillion for the year ending March, compared with its previous guidance for net profit of Y340.00 billion on revenue of Y1.600 trillion. It cut its Switch console sales forecast for the fiscal year by nearly 10% to 19.0 million units after a shortage of semiconductors and other components led to a 19% drop in hardware sales in its first half. Nintendo said the supply of chips is improving and it will front-load production to deliver as many consoles as possible for the holiday season. Dow Jones & Co. owns Factiva. (farah.elias@wsj.com)


(END) Dow Jones Newswires

11-08-22 0607ET