- Nintendo Co, Ltd NTDOY NTDOF looked to boost salaries by 10% for current and incoming employees in Japan starting in 2023, as rivals hiked wages in an increasingly tight labor market.
- Nintendo President Shuntaro Furukawa disclosed the raise even after slashing its full-year forecasts for revenue and earnings, saying the burden on employees is increasing and the move will help strengthen the company’s “hiring power,” Bloomberg reports.
- Japanese workers’ nominal wages rose to a record in December, fueling speculation of the central bank tightening its monetary policy after Governor Haruhiko Kuroda stepped down in April.
- Nintendo may remain stuck in the doldrums pending a successor to the iconic gaming console, the sales of which declined over the past two years.
- Nintendo expects to end the year with about 18 million consoles sold, down from an earlier 19 million target.
- Nintendo plans to boost production of its six-year-old Switch console in the coming fiscal year after shipping roughly 21 million Switch consoles in the year ending March.
- With a $199.99 starting price, the console struggled more due to supply issues than any demand slump.
- Price Action: NTDOY shares closed at $10.58 on Monday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.