Japanese video-game maker Nintendo has reported a 43% decline in profit for the fiscal year through March, but promised a turnaround as its Switch console upgrade goes on sale in June.

Nintendo Co. projected weaker-than-expected initial sales of the Switch 2, a reflection of how uncertainty around US tariffs is weighing even on a company fielding record-setting demand.

Nintendo on Thursday forecast operating profit would rise 13% to 320 billion yen ($2.22 billion) in the year ending March.