Key Takeaways
1. Nintendo’s Switch 2 has sold 10.36 million units, surpassing its predecessor’s popularity, but game sales are lagging behind.
2. Analyst Amir Anvarzadeh warns that weak game sales could negatively impact Nintendo’s share price.
3. Switch 2 software sales stand at 20.62 million units, roughly twice the console sales, but the original Switch had better game-to-hardware sales ratios.
4. Backward compatibility is crucial for Nintendo’s strategy, but the limited selection of new games has left some consumers dissatisfied.
5. Criticism arises over how Nintendo reports revenue, particularly regarding digital upgrades versus digital title sales, affecting the perceived success of the Switch 2.
With 10.36 million units sold, Nintendo’s new console has surpassed its predecessor in popularity. However, Switch 2 games aren’t moving off the shelves as quickly. Bloomberg took a close look at Nintendo’s latest financial report and uncovered some unexpected trends. Nonetheless, the company’s method of documenting software data might create some confusion in comparisons.
Analyst Insights
Takashi Mochizuki from Bloomberg shared insights from Amir Anvarzadeh, an analyst at Asymmetric Advisors. While Nintendo is seeing robust sales for the Switch 2, it heavily depends on the device’s backward compatibility. Anvarzadeh cautions that “any weakness in game sales from next term could hit its share price hard.”
Sales Figures
As of September 2025, Nintendo reported Switch 2 software sales of 20.62 million units. This is roughly twice the number of consoles sold, but the original Switch had achieved three times the game sales compared to its hardware sold by this stage.
Nintendo’s approach aims to get as many gamers as possible to buy the new hardware. However, consumers appear to find the selection of new games unappealing. Mario Kart World had a boost from a well-liked bundle, but few other first-party titles were launched in the console’s initial four months. Fans will have to wait for the impact of upcoming Switch 2 games, such as Metroid Prime 4: Beyond and Pokémon Legends: Z-A, in future reports.
Current Gaming Landscape
At the moment, buyers are satisfied with Switch games and the available free or paid upgrade packs. Whether they prefer quality or quantity, Nintendo is pushing Switch 2 owners to gather older titles. Thanks to backward compatibility, the aim is to have the hardware in homes by the time newer releases come out. However, given that game sales are more lucrative, Bloomberg sees some risk in this strategy.
Criticism of the Analysis
Mochizuki has faced some backlash regarding his analysis of Switch 2 sales. The Nintendo Patents Watch account on Bluesky highlights that the company counts digital upgrades for the Switch 2 as part of its revenue, while purchases of purely digital titles aren’t included at all. Still, the success of the new console remains closely linked to the software from the previous generation.
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