Nintendo's recent struggles have come as demand for its flagship Switch console, which is now more than seven years old, is beginning to fade. Investors are waiting for news surrounding a successor to the Switch which they hope will re-energize Nintendo's gaming business.

Nintendo on Tuesday cut its operating profit forecast for the year to March 2025 by 10% to 360 billion yen ($2.36 billion), as its ageing Switch console loses steam.

Nintendo Co. forecast a bigger profit decline for the full year after reporting its fifth straight quarterly profit decline on slowing demand for its aging Switch console.

The Japanese videogame maker cut its annual forecasts for Switch console and software sales after disappointing first-half results.

Nintendo, the Japanese video game maker behind the Super Mario franchise, says its profit fell 60% in the first half of the fiscal year, as demand waned for its Switch console, now in its eighth year since going on sale.