Wii, DS powers up Nintendo profit

FROM VARIETY: Net profit jumps 34% to $993 million

By Mark Schilling of Variety -- Video Business, 7/30/2008

JULY 30 | FROM VARIETY: TOKYO — Nintendo recorded a surge in profit for the first quarter of fiscal 2008, driven by brisk sales of Wii and other game hardware and software, the company reported on Wednesday.

Operating profit rose a year-on 31.5% to 119.19 billion yen ($1.1 billion), while net profit jumped 34% to 107.27 billion yen ($993 million). Sales climbed 24.4% to 423.38 billion yen ($3.920 billion).

The hot-selling Wii moved 5.17 million consoles from April to June, compared with 3.43 million units in the first quarter of last year. Total sales amounted to 29.62 million units.

In the same period, arch-rival Sony sold 1.56 million units of the pricier PlayStation 3 consoles and Microsoft, 1.3 million units of the Xbox 360.

Read the full story on Variety.com.

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