Joey Hadden/Business Insider

• Nintendo surged as much as 6% on Thursday after the video game company said first quarter earnings soared 428% while sales more than doubled.
• Video game companies have seen a surge in business since the COVID-19 pandemic outbreak began as consumers look to entertain and distract themselves while sheltering in place.
• Driving the strength in Nintendo’s business included growing demand for its Nintendo Switch console, and popular software hits like “Animal Crossing: New Horizon.”
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Nintendo has seen a surge in business amid the COVID-19 pandemic, with gamers flocking to its Nintendo Switch platform now that many consumers are spending more time indoors and looking for new forms of entertainment.

Demand for its products in its fiscal first quarter led to a surge in earnings, with profits rising 428% year-over-year to $1.4 billion, and revenue jumping 108% to $3.4 billion, according to its earnings statement.

Nintendo’s most popular software title was “Animal Crossing: New Horizon,” which sold 10.6 million copies in the quarter, bringing its cumulative …continued .
[Source: Business Insider]