Nintendo Co., Ltd., The Current Fiscal Year Operating Profit Revised Downward by 10%

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Tue Nov 5, 2024 3:30 pm JST Earnings

7974 Nintendo Co., Ltd. 【J-GAAP】

Earnings Report

Nintendo Co., Ltd. <7974> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated operating profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) significantly dropped by 56.6% from the same period last year to 121 billion yen.

In addition, the full-year consolidated operating profit has downwardly by 10.0%, from the previous forecast of 400 billion yen to 360 billion yen (compared to 528 billion yen in the previous period), leading to an increase in the profit decline rate from 24.4% to 31.9%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated operating profit for the October to March period (second half) is expected to decrease by 4.2% from the same period last year to 238 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated operating profit decreased to 67 billion yen, a 29.1% decrease compared to the same period last year. The operating profit margin decreased from 28.2% in the same period last year to 24.2%.

Kabutan News

Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	656,974	220,387	322,464	230,451	197.6	53.6	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	796,237	279,910	380,007	271,298	233.0	55.8	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	523,299	121,513	147,100	108,658	93.3	35.0	Nov 5, 2024	J-GAAP
YoY	-34.3%	-56.6%	-61.3%	-59.9%	-59.9%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	－	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	523,299	121,513	147,100	108,658	93.3	35	Nov 5, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,350,000	400,000	420,000	300,000	257.7	129	May 7, 2024	J-GAAP
Mar, 2025 New	1,280,000	360,000	420,000	300,000	257.7	129	Nov 5, 2024	J-GAAP
Revision Rate	-5.2%	-10.0%	0.0%	0.0%	0.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	875,628	249,031	300,490	219,304	188.4	131	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	756,701	238,487	272,900	191,342	164.4	94	Nov 5, 2024	J-GAAP
YoY	-13.6%	-4.2%	-9.2%	-12.8%	-12.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,601,677	504,375	601,070	432,768	371.4	186	May 9, 2023	J-GAAP
Mar, 2024	1,671,865	528,941	680,497	490,602	421.4	211	May 7, 2024	J-GAAP
Mar, 2025 Guidance	1,280,000	360,000	420,000	300,000	257.7	129	Nov 5, 2024	J-GAAP
YoY	-23.4%	-31.9%	-38.3%	-38.9%	-38.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	334,896	94,469	126,241	90,279	77.5	28.2	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	598,559	184,500	187,350	136,743	117.5	30.8	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	277,069	64,531	113,140	82,561	70.9	23.3	May 7, 2024	J-GAAP
Apr - Jun, 2024	246,638	54,510	113,469	80,954	69.5	22.1	Aug 2, 2024	J-GAAP
Jul - Sep, 2024	276,661	67,003	33,631	27,704	23.8	24.2	Nov 5, 2024	J-GAAP
YoY	-17.4%	-29.1%	-73.4%	-69.3%	-69.3%