It's game on for Nintendo Co. Ltd. (NTDOY .
The Kyoto-based company nearly doubled its full-year operating profit forecast Monday Oct. 30, as concerns of supply shortages for its Switch video game console continue to abate.
Nintendo said it predicts 707.75 yen earned per share for the fiscal year ending March 31, 2018. While that's slightly lower than the year before, it's an increase of 88.9% from Nintendo's previous estimate for full year earnings.
Nintendo reported fiscal second quarter earnings of 28 cents per share Monday, which was double what analysts polled by FactSet expected. Sales of $1.93 million also topped analysts' expectation of $1.53 million.
Switch, which launched in March, is a hybrid home-portable gaming system. Shortly after it was released, Nintendo stock soared to a nine-year high. Sales of the Switch device rocketed past estimates, leaving suppliers scrambling to score enough parts to keep up with consumers.
In an earnings brief, Nintendo President Tatsumi Kimishima said the company "boosted Switch production to meet strong demand as it was difficult for customers to buy the consoles at retail stores."
Nintendo's over-the-counter shares finished Friday trading higher by nearly 2%. Since the start of this year, the stock has pushed higher 83.7%. Tokyo-listed shares of Nintendo finished Monday trading lower 0.26%.
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