Market Overview

Nintendo CEO Dismisses Rumors Of New Switch Model Launch This Year

Nintendo CEO Dismisses Rumors Of New Switch Model Launch This Year

Video game company Nintendo Co., Ltd. (OTC: NTDOY) has no plans to launch a newer version of its hybrid Switch console this year, CEO Shuntaro Furukawa said Friday during a corporate briefing following the company's earnings announcement for the past nine months.

What Happened

"Regarding Nintendo Switch, we believe that it is important to continue to communicate the appeal of both Nintendo Switch systems and expand the installed base," Furukawa said. "Please note that we have no plans to launch a new Nintendo Switch model during 2020."

Earlier in the day, Nintendo announced a special edition Nintendo Switch themed on the game "Animal Crossing: New Horizons" that is set to launch in Japan and the European Union on March 20.

The special edition version will launch a week earlier, on March 13, in the United States.

Why It Matters

Nintendo has been reportedly working on a new version of the highly popular Switch model, which functions both as a portable gaming device and as a console, for a long time.

Several publications, including Forbes and Techradar, earlier this month claimed that Nintendo is working on launching a new model by mid-year.

Dismissing the claims, Furukawa said the handheld version Switch Lite, launched September last year, has been driving sales numbers while previous models keep flat. The Kyoto-based company would rather focus on promoting it, rather than creating a new model.

"[We] feel that we have not yet fully communicated the special features and appeal of Nintendo Switch Lite, so we will continue to address this going forward," Furukawa said.

Nintendo upgraded its forecast for total Switch units sold by the financial year ending in March to 19.5 million units from a previous 18 million, as the device saw massive sales during the holiday season.

Price Action

Nintendo's shares traded 3.81% lower at $372.73 at press time on Friday in Tokyo. The shares closed 2.97% lower at $47.35 on the OTC market on Thursday.


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