Nintendo Co. said it will buy back shares after its quarterly profit missed estimates, underscoring concerns that gaming demand may be peaking as parts of the world emerge from the pandemic and go back to work.
The Kyoto-based company reported operating income of ¥119.75 billion ($1.1 billion) for the June quarter, compared with the average projection for ¥130.9 billion. It maintained its forecast for a 22% drop in operating profit to ¥500 billion this fiscal year alongside 25.5 million Switch console sales.
The company said it plans to buy back up to 1.51% of its shares for ¥100 billion. It said it will cancel those shares and the buyback reflects its cash position from strong sales.