Nintendo expects its Switch console to be a massive hit

Shares of Nintendo stock are down 0.56% today to27,465 ($247)despite reporting an eye-popping outlook for the currentfiscal year.Nintendo reported earnings today in Japan and issued guidance for750 billion ($6.7 billion) in sales and operating profit of65 billion($5.8 billion) by March 31, 2018, the end of Nintendo's fiscal year.If the company's guidance on profits comes to fruition, it would represent a 121% increase from the previous year and a seven-year high, when Nintendo was in the middle of thesuccessful run ofthe original Wii and the Nintendo 3DS.The company said10 million of itsred-hot Switch consoles wouldbe sold in its first year on the market.Since its March 3 release, 2.74 million units have been sold along with 5.46 million units of games and software.To put those numbers in perspective, Nintendo's last console, the Wii U, sold a total of 13.6 million units in its four-yearlifetime.Analysts at Morgan Stanley only expected guidance of 8.7 million Switch units for the first fiscal year.The first flagship game released for the console,"The Legend of Zelda: Breath of the Wild," has been so popular that more units of the game have been sold than the total number of actual consoles sold.Nintendo reported net sales of 489.1 billion, beating the company's own guidance, and netprofit of102.6 billion, representing a 10.7% year-over-year drop, but beating analysts' estimates of93.6 billion. Profits were helped by a weaker Yen.Although shares of Nintendo are down today, the stock hasrisen 68% in the last year.(The over the counter shares that can be bought in US Dollars are represented by ticker symbol NTDOY)Click here for a real-time Nintendo chart.Join the conversation about this storyNOW WATCH: How the US could prevent a North Korean nuclear strike ' according to a former Marine and cyberwarfare expert
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