Nintendo says it'll sell 20M Switch consoles in the next year

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The Kyoto-based company also said it named Managing Executive Officer Shuntaro Furukawa as new president to succeed Tatsumi Kimishima, effective after the general shareholders meeting in June.

Multiple sources have reported that 68-year old Kimishima will step down as president of Nintendo. Furukawa-san grew up playing the Famicom (known elsewhere as the NES) before joining the company in 1994.

At 46, he's a particularly young appointment, which is apparently a purposeful decision on the part of Kimishima, who wanted a successor that could more easily connect with the company's customers. Now as a member of management with Super Mario's creator Shigeru Miyamoto, I have a lot of respect for him. His philosophy was that, in order to better understand its consumer base, Nintendo's management needed to skew younger, but Nintendo made a decision to wait until its sales numbers improved before replacing Kimishima. In terms of games, Pokemon Ultra Sun and Pokemon Ultra Moon sold 7.51 million units, while overall sales totalled 35.64 million units. According to a survey conducted by IDC in 2017, prospective Switch buyers were more excited about their system's game library than those for any other console. The new president is by no means a new face in the company, however.

Nintendo revealed 15.05 million of those sales came during the past fiscal year, helping to bump up the company's full-year sales and profits. He also pledged to "say what needs to be said to run the company" despite his fandom. "He is fluent in English".

As The Verge reports, Nintendo's profit for a year ago was $1.62 billion. However, that's still below analysts' average estimate for ¥308.6 billion.

Annual revenue from smartphone games rose 62 percent to 39.3 billion yen.

Nintendo is forecasting higher profits for the current fiscal year ending March 31, 2019.