Nintendo Stock Hits Nine-Year High on 'Switch' Production Increases!
Nintendo Co. (NTDOY) shares hit a nine-year high in Tokyo Friday on reports the company will up the production of its Switch console.
The move by the Japanese company comes on the heels of strong demand for its new console. Nintendo in July said it sold 1.97 million units of its hybrid Switch consoles in its first quarter through the end of June.
Nintendo shares rose 2.66% Friday in Tokyo, to ¥43,670, their highest point since March 2008. Shares have gained more than 77% since the beginning of 2017.
Nintendo is said to be increasing its production to 2 million units per month from an undisclosed production rate, according to reports from Digitimes.
The company had forecast in the first quarter that it would ship 10 million consoles in FY2018 ending in March, which would mean that production stood at somewhere between 800,000 and 1 million units per month.
Sources told Digitimes that Nintendo was expecting to ship about 20 million units this year.
Source: thestreet.com
