Japan's Nintendo revised its full-year sales forecast for the Switch, reducing it by 12% to 11 million units due to a slowdown in demand for the current console ahead of the upcoming release of a new model.

Despite expanding into retail stores and entertainment venues, Nintendo remains reliant on its console business.

At an earnings briefing, Nintendo President Shuntaro Furukawa acknowledged the company's failure to meet its sales targets, stating, While we think sales of hardware and software are solid for the eighth year, we did not achieve our plan.

Nintendo sold 9.54 million Switch units from April to December, bringing total sales to 150.86 million units.

Nintendo recently announced a successor to the popular Switch console, scheduled for release later this year. The new model, referred to as Switch 2, is expected to resemble its predecessor closely, following the successful turnaround from the Wii U era.

The company adjusted its operating profit forecast downwards by 22.2% to 280 billion yen ($1.8 billion) for the fiscal year ending in March, with a 46.7% decline in profits to 247.6 billion yen from April to December.

(1 USD = 155.2900 JPY)