Nintendo is reportedly Japan’s richest company, according to its latest financial report for the quarter. Toyo Keizai, a business magazine publisher, stated that the Japanese gaming company had over $11.44 billion (1.7186 trillion yen) in cash assets, believed to be bolstered by the long-running success of the Nintendo Switch and the recent box office sensation “The Super Mario Bros. Movie.”
In a statement, the company announced its first new game in 11 years, “Super Mario Bros. Wonder,” got off to a ‘strong start,’ selling almost 12 million units. At the same time, other new titles such as “The Legend of Zelda: Tears of the Kingdom,” “Pikmin 4,” and “Mario Kart 8 Delux2′ collectively sold around 30 million units.
The Switch, now in its seventh year since launch, reportedly continues to enjoy steady sales. Hardware units sold reached 13.74 million, a slight dip of 7.8% year-on-year, while software sales saw a 4.7% decrease year-on-year, totaling 163.95 million units.
Despite these decreases, the influential game manufacturer said the platform’s performance remains strong, buoyed by a broad portfolio of million-seller titles, now numbering 24 for the period, including offerings from third-party developers.
It also reported that the company has maintained zero debt, a policy it has followed since a major downturn in 1965 nearly led to its bankruptcy. This new data ranks Japanese companies on wealth and subtracts out debt.
However, due to the delay in announcing a Switch successor, Nintendo’s shares collapsed by nearly 9% in early Tokyo trading on Monday. The 8.8% drop to below ¥8,200 was the biggest decline in over two years.
Richest video game companies in Japan
In the list by Toyo Keizai, Bandai Namco secured the 25th position, while SEGA Sammy and Capcom ranked 63rd and 88th, respectively. Other Japanese video game studios on the list are Square Enix, Konami, GungHo, and Kadokawa. Sony is not featured due to its significant amount of debt.
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