Nintendo made $4.2 billion during Holiday ’23 with a 31% operating profit margin


Nintendo generated $4.2 billion in net sales revenue during Holiday 2023, new earnings reports show.

Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 554

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Nintendo’s holiday financials are here, and the results have come full circle to the start of the Switch generation. The company made $4.244 billion in Q3’FY24 (Oct – Dec 2023), down -12.8% year-over-year. These revenues represent the lowest holiday earnings period since the Switch launched in March 2017.

The year-over-year revenue drop is due to lower Switch hardware and software sales; in Q3’24, Nintendo sold about 66.87 million games, down -10 million games from last year. Switch console shipments are also down by 1.32 million units year-over-year (Nintendo shipped 6.9 million Switch consoles in Holiday 2023, as opposed to 8.22 million in Holiday 2022).

Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 5

Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 4

Nintendo Holiday 2023 (Q3’FY24) earnings at-a-glance

  • Net sales – $4.243 billion, down 12.8% YoY
  • Operating Income – $1.308 billion
  • Net Profit – $969 million

Note: All conversions are based on yen to USD values provided in Nintendo’s earnings report; for Q3’24, the forex rate was 141.04.

Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 6Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 17

Read Also: Switch breaks 139.36 million units, Switch shipments drop to historic holiday low

Operating profit is also down by over $100 million in Holiday 2023 to $1.308 billion, as opposed to $1.450 billion earned last holiday season. However, operating profit margins were actually up in Q3’24 as Nintendo continues delivering ~30% margins with efficient sales execution and profit extraction.

Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 7Nintendo made $4.2 billion during Holiday '23 with a 31% operating profit margin 18

Net profit, or profit attributable to the owners of parent, is also down slightly to $970 million in Q3’24, from $883 million in Q3’23.

Despite the drop in SW and HW, Nintendo has upwardly revised its Switch sales forecast from 15 million to 15.5 million, showing confidence in continued production and consumer/retail demand for system.

Nintendo is believed to unveil its next console sometime in March 2024, and the system may be part of the three-system Switch family.

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