Nintendo posts best third-quarter since 2009

Nintendo posted an operating profit of JPY 116.50bn for the three months leading to 31 December, compared to the JPY 32.26bn it reported just twelve months earlier, making the quarter its highest earning in eight years.

Increased popularity of the hybrid home-portable Switch console led to an almost 100% increase in Nintendo's stock price, hitting highs not seen since the release of its Wii U consoles.

Nintendo raised its annual sales forecast to 15m units from 14m units after selling 7.2m Switch consoles in the quarter, a number that far exceeded initial estimates and left many suppliers frantically searching for parts. A Switch console retails in the for around £320 with around three games or £280 on its own.

"Switch sales during the holiday season were stronger than expected in Japan, the United States and Europe," said Nintendo President Tatsumi Kimishima on Wednesday.

Nintendo's projected 15m units for the year already eclipses lifetime sales of 13.56m consoles for the Wii U, a product that has been on the market for roughly five years and said it expects Switch console sales to rise to around 20m units or more next year starting April.

Earlier in January, Nintendo announced it would be launching a new product in April named "Labo", a sort-of LEGO-style set of accessories for the Switch console that allows children to build themselves on cardboard sheets.

As of 1000GMT, shares had gained 2.04% to JPY 47,970.00 each.