Nintendo’s profits soar by 500% thanks to massive success of Switch console

The Nintendo Switch is already one of the most successful gaming consoles of all time, and today we got to see the incredible impact it’s had on the company’s bottom line.

Nintendo reported net sales 1.05 trillion — yes trillion — yen for the year ending March 31, which translates to about $9.7 billion in U.S. dollars and is up 105 percent over the previous year. Profits skyrocketed too — 177.5 billion yen in 2017 ($1.5 billion U.S.) up 505 percent from 29.3 billion yen ($270 million U.S.) the year prior.

The Switch has now sold 17.79 million units in its lifetime, including 15.05 million in the fiscal year. Super Mario Odyssey crossed the 10 million in sales threshold, with other games like Mario Kart 8 Deluxe also selling well.

The success of the Switch has been a huge development for Nintendo after the company whiffed on its last console, the Wii U. As the Switch becomes more ubiquitous it will be on the company to keep the excitement up.

Nintendo just started selling the Labo cardboard kits to augment the Switch experience, so it’s unclear how successful that experiment will be. In September, Nintendo will kick off its paid online service, creating another Switch-related revenue stream. Nintendo also has several more big-name releases in the coming months, led by the highly anticipated next chapter in the Super Smash Bros. franchise.

In addition to the strong financials, Nintendo announced President Tatsumi Kimishima, who took on the role after Satoru Iwata passed away and oversaw the launch of the Switch, will be stepping down. He will be replaced by Shuntaro Furukawa, who has been with Nintendo since 1994 and and is currently a director of Pokémon Co.