Nintendo Cuts Sales Forecast for Switch Console

Nintendo ($NTDOY@Japan) cut its Switch console's sales and profit forecast, citing a disappointing holiday season. The Japanese gaming giant changed its projections for the fiscal year ending March 2023 to 18 million Switch units from 19 million and 205 million software units from 210 million. Nintendo reduced its net profit outlook to $2.8 billion from $3 billion. The Switch console is nearly six years old compared to Sony’s ($SONY@Japan) PlayStation 5, which is just over two years old. Nintendo sold around 8.23 million Switch consoles in the December holiday quarter, down around 22 percent year-over-year.