Nintendo raises Switch forecast on gaming boom

Fresh evidence Thursday (November 5) of boom times for the gaming industry.

That in an upbeat outlook from Nintendo.

The Japanese firm said it expects to sell 24 million of its Switch consoles in the year ending March 2021.

That's up from an earlier prediction of 19 million, and is still seen as cautious by analysts.

It comes as people look for ways to entertain themselves at home.

Nintendo also raised its profit forecast by 50% to $4.3 billion.

Operating profit for July to September more than doubled from a year before to around $1.4 billion.

Sales of the Switch have been high - 12.5 million were sold in the first half.

Even so, Nintendo has been reluctant to increase its forecasts.

The company believes the boost from consumers stuck at home could prove to be short-lived.

And new gaming machines due to enter the market will soon provide a challenge to Nintendo.

Sony and Microsoft are scheduled to release their new consoles - the PlayStation 5 and Xbox Series X - next week.