Nintendo upgraded its annual net profit estimate by more than 40 per cent Wednesday after its popular Switch console flew off shelves during the holiday season, fuelled by a cheaper yen.

The Kyoto-based video game giant said it now expects an annual net profit of 120 billion yen ($1.1 billion), a 41.2 per cent rise from the previous estimate issued in October, while also increasing annual sales and operating profit projections.

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The company cited strong sales of Switch as lifting its performance during the April-December period.