Nintendo reported a 54% surge in first-quarter net profit to ¥147.42 billion ($934.4 million), beating analyst estimates of ¥74.40 billion, driven by foreign-exchange gains and U.S. tariff refunds.

Revenue declined to ¥517.81 billion from ¥572.36 billion a year earlier, while operating profit jumped to ¥142.60 billion from ¥56.93 billion. The company recorded ¥16.8 billion in foreign-exchange gains during the quarter.

For the fiscal year ending March 2027, Nintendo maintained its projections of ¥2.050 trillion in revenue and ¥310.00 billion in net profit, citing solid software sales and tariff refunds under the International Emergency Economic Powers Act.

Despite first-quarter weakness, the Japanese videogame maker remains optimistic about Switch 2 console sales.