Nintendo shares plummeted after Switch sales expectations were cut

CTOnews.com, Nov. 9 (Xinhua)-- Nintendo Ltd.'s shares fell 6.5% in early trading Wednesday after the company announced it had cut its annual sales forecast for Switch consoles by nearly 10%, citing chip shortages.

Currently, Nintendo's shares are down more than 4% at $9.90. Nintendo's second-quarter revenue was 349.514 billion yen, below market expectations of 353.98 billion yen, while net profit was 1114.67 yen, exceeding expectations of 950.5 yen. Nintendo's game hardware Switch shipped 3.22 million units in the fiscal second quarter to the end of September, bringing its cumulative sales to more than 114.33 million.

CTOnews.com learned that Nintendo had previously said it had raised its full-year revenue forecast to 1.65 trillion yen from 1.6 trillion yen, raised its net profit forecast to 400 billion yen from 340 billion yen, and lowered its full-year Switch sales forecast to 19 million units from 21 million yen.