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Nintendo ups its profit forecasts

Posted by: Ian Rowley on October 3, 2006

Nintendo’s new Wii console won’t go on sale until November, but that’s not stopped the company upping its profit and sales forecasts. Today, Nintendo said it’s raising its net earnings projection for the year ending March 2007 from $703 million yen to $847 million. It’s also raised its sales plan 17% to $5.25 billion and signaled it will boost dividends.

Given the hot sales of the Nintendo’s DS handheld, the move isn’t a big surprise. In the three months ending June 30, the Kyoto-based company’s operating profits rose eight-fold to $248 million. What’s more, with the Wii gaining favor with analysts and wooing gamers with its cool controller, this upgrade mightn’t be the last.

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