Nintendo shares drop most since April after profit misses estimates

Nintendo Co. fell the most in nine months after it missed estimates for quarterly profit and forecast full-year earnings that were short of expectations, raising concern about demand for its Switch game console. The shares fell as much as 4.7 percent in early trading in Tokyo on Friday, the biggest intraday drop since April 26. A day earlier, Nintendo reported operating income of ¥168.7 billion ($1.5 billion) in the three months ended December, but that underwhelmed versus the ¥175.4 billion average projection. The lackluster results may fuel worries about the Switch console's longevity, especially in a year when Microsoft Corp. and Sony Corp. are preparing to launch new machines for the holidays. Nintendo released a lower-cost Switch Lite in the fall, reaching out to more mainstream users, and that console has sold 5.19 million units to date, the company reported.