Nintendo Posts Surge In 9-Month Profit

reported a strong rise in its net profit for the nine-month period. Nintendo posted a net profit of Y59.52 billion ($504 million) for the period, compared to a year-ago profit of Y10.2 billion. However, analysts were estimating a profit of Y49.82 billion. Net sales for the period declined to 442.92 billion yen from 499.12 billion yen. For the business year through March, the company lifted its net profit forecast to Y30 billion from Y20 billion. However, the company lowered its operating profit forecast to Y20 billion versus Y40 billion. Nintendo's operating profit came in at Y31.6 billion, versus a year-ago loss of Y1.58 billion. Nintendo shares rose 0.62% to close at $12.89 yesterday.