Nintendo Skyrockets to an Almost 19-month High After Its Switch Console Hits China

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Nintendo’s Switch console went on sale in China, helping the stock climb to an almost 19-month high on Tuesday.
The console hit Chinese shelves on Tuesday after the company worked with Tencent to bring them to the market.

Shares of Nintendo were up over 2.5% on Tuesday as customers flocked to buy the console. This is the highest intraday level for Nintendo since May of 2018.

According to analysts who spoke to CNBC, Nintendo’s Switch console may become the biggest console in China in the next few years. The analysts expect Nintendo to sell around 100,000 units of the Switch in China before the year ends.

Nintendo has so far sold 41.67 million units of the Switch globally since it was released worldwide in March of 2017.

According to Wedbush Securities, Nintendo will likely sell no more than 10 million units of the Switch in China over the console’s lifetime, but also said its possible it may see sales of 4 million to 5 million in the first year.

A spokesperson for Fenqile, an e-commerce site, told CNBC that the Switch “has been one of the most popular console products … over the past years.”

Nintendo’s Switch console is priced at 2,099 yuan ($298). This is cheaper than the PlayStation 4 and Xbox One X when they were released.