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2021-08-05
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Nintendo Needs More Than Flashy Buybacks<blockquote>任天堂需要的不仅仅是华丽的回购</blockquote>
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A surprise share buyback from Japanese gaming champion <a href=\"https://laohu8.com/S/NTDOF\">Nintendo Co., Ltd.</a> should help soothe investors who have held on as the stock dropped more than 10% this year.</p><p><blockquote>大规模股票回购将有助于缓解令人失望的业绩带来的打击，但并不是未来的战略。日本游戏冠军出人意料地回购股票<a href=\"https://laohu8.com/S/NTDOF\">任天堂有限公司。</a>应该有助于安抚因该股今年下跌超过10%而持有的投资者。</blockquote></p><p> Nintendo is clearly cash rich, but it needs to articulate a clearer vision for the future as the stay-at-home boost from the pandemic fades.</p><p><blockquote>任天堂显然现金充裕，但随着疫情带来的居家刺激消退，它需要对未来阐明更清晰的愿景。</blockquote></p><p> The Japanese game company on Thursday reported a 17% decline in operating profit for the quarter ending in June, while revenue dropped 10%—both lower than analysts’ estimates on S&P Global Market Intelligence. Nintendo’s profit decline isn’t a surprise given its exceptional performance last year due to stay-at-home demand. The company sold fewer of its Switch consoles and games during the quarter, compared with the same period last year. “Animal Crossing: <a href=\"https://laohu8.com/S/NGD\">New</a> Horizons,” released in April last year, isone of its fastest-selling games. Component shortages also continue to be an issue in production and distribution of its consoles.</p><p><blockquote>这家日本游戏公司周四公布，截至6月份的季度营业利润下降17%，收入下降10%，均低于标准普尔全球市场情报分析师的预期。鉴于任天堂去年因居家需求而表现出色，其利润下降并不令人意外。与去年同期相比，该公司本季度Switch游戏机和游戏的销量有所减少。《动物森友会：<a href=\"https://laohu8.com/S/NGD\">新的</a>去年4月发行的《地平线》是其销量最快的游戏之一。组件短缺也仍然是其游戏机生产和分销中的一个问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b38cf9edfa865e3ae218e7f218ee829b\" tg-width=\"327\" tg-height=\"412\" referrerpolicy=\"no-referrer\">What surprised investors is Nintendo’s decision to spend up to ¥100 billion, the equivalent of $910 million, to buy back 1.51% of its own stock. Buybacks arerare for the Japanese company—last <a href=\"https://laohu8.com/S/AONE.U\">one</a> was around ¥30 billion in 2019. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have long hoped Nintendo wouldimprove its capital allocation. The company is sitting on around $10 billion of cash as well as nearly $6 billion of securities. Nintendo said its strong cash position, due to better-than-expected business from Switch, is the reason for the buyback. That seems to indicate it could just be a one-off since the boost from Covid-19 likely won’t be repeated.</p><p><blockquote>令投资者惊讶的是，任天堂决定斥资高达1000亿日元（相当于9.1亿美元）回购1.51%的自有股票。这家日本公司的回购即将到来——最后<a href=\"https://laohu8.com/S/AONE.U\">一</a>2019年约为300亿日元。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>长期以来一直希望任天堂能够改善其资本配置。该公司坐拥约100亿美元现金以及近60亿美元证券。任天堂表示，由于Switch的业务好于预期，其强劲的现金状况是回购的原因。这似乎表明这可能只是一次性的，因为Covid-19的提振可能不会重复。</blockquote></p><p> The rare buyback will likely boost Nintendo’s share price in the short term, but the company needs to prepare for leaner times ahead too. The stock has dropped 14% this year, underperforming the broader Japanese market as well as peers such asSony.One worry is thetraditionally cyclical natureof the console business. The pandemic has probably prolonged the cycle, but the Switch console is likely past the middle, entering its fifth year. Growing Nintendo’s online business would help improve margins. Better use of its popular intellectual properties could also help diversify income sources.</p><p><blockquote>这次罕见的回购可能会在短期内提振任天堂的股价，但该公司也需要为未来的困难时期做好准备。该股今年已下跌14%，表现逊于日本大盘以及索尼等同行。一个担忧是游戏机业务传统上的周期性。疫情可能延长了周期，但Switch控制台很可能已经过了中间阶段，进入第五个年头。任天堂在线业务的增长将有助于提高利润率。更好地利用其受欢迎的知识产权也有助于实现收入来源的多样化。</blockquote></p><p> Nintendo reaped a windfall from the pandemic. Now it needs to convince investors it has a plan for the world after.</p><p><blockquote>任天堂从疫情获得了一笔意外之财。现在，它需要让投资者相信，它对未来的世界有一个计划。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nintendo Needs More Than Flashy Buybacks<blockquote>任天堂需要的不仅仅是华丽的回购</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNintendo Needs More Than Flashy Buybacks<blockquote>任天堂需要的不仅仅是华丽的回购</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-08-05 21:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p> A big share buyback will help cushion the blow from disappointing results, but isn’t a strategy for the future. A surprise share buyback from Japanese gaming champion <a href=\"https://laohu8.com/S/NTDOF\">Nintendo Co., Ltd.</a> should help soothe investors who have held on as the stock dropped more than 10% this year.</p><p><blockquote>大规模股票回购将有助于缓解令人失望的业绩带来的打击，但并不是未来的战略。日本游戏冠军出人意料地回购股票<a href=\"https://laohu8.com/S/NTDOF\">任天堂有限公司。</a>应该有助于安抚因该股今年下跌超过10%而持有的投资者。</blockquote></p><p> Nintendo is clearly cash rich, but it needs to articulate a clearer vision for the future as the stay-at-home boost from the pandemic fades.</p><p><blockquote>任天堂显然现金充裕，但随着疫情带来的居家刺激消退，它需要对未来阐明更清晰的愿景。</blockquote></p><p> The Japanese game company on Thursday reported a 17% decline in operating profit for the quarter ending in June, while revenue dropped 10%—both lower than analysts’ estimates on S&P Global Market Intelligence. Nintendo’s profit decline isn’t a surprise given its exceptional performance last year due to stay-at-home demand. The company sold fewer of its Switch consoles and games during the quarter, compared with the same period last year. “Animal Crossing: <a href=\"https://laohu8.com/S/NGD\">New</a> Horizons,” released in April last year, isone of its fastest-selling games. Component shortages also continue to be an issue in production and distribution of its consoles.</p><p><blockquote>这家日本游戏公司周四公布，截至6月份的季度营业利润下降17%，收入下降10%，均低于标准普尔全球市场情报分析师的预期。鉴于任天堂去年因居家需求而表现出色，其利润下降并不令人意外。与去年同期相比，该公司本季度Switch游戏机和游戏的销量有所减少。《动物森友会：<a href=\"https://laohu8.com/S/NGD\">新的</a>去年4月发行的《地平线》是其销量最快的游戏之一。组件短缺也仍然是其游戏机生产和分销中的一个问题。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b38cf9edfa865e3ae218e7f218ee829b\" tg-width=\"327\" tg-height=\"412\" referrerpolicy=\"no-referrer\">What surprised investors is Nintendo’s decision to spend up to ¥100 billion, the equivalent of $910 million, to buy back 1.51% of its own stock. Buybacks arerare for the Japanese company—last <a href=\"https://laohu8.com/S/AONE.U\">one</a> was around ¥30 billion in 2019. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have long hoped Nintendo wouldimprove its capital allocation. The company is sitting on around $10 billion of cash as well as nearly $6 billion of securities. Nintendo said its strong cash position, due to better-than-expected business from Switch, is the reason for the buyback. That seems to indicate it could just be a one-off since the boost from Covid-19 likely won’t be repeated.</p><p><blockquote>令投资者惊讶的是，任天堂决定斥资高达1000亿日元（相当于9.1亿美元）回购1.51%的自有股票。这家日本公司的回购即将到来——最后<a href=\"https://laohu8.com/S/AONE.U\">一</a>2019年约为300亿日元。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>长期以来一直希望任天堂能够改善其资本配置。该公司坐拥约100亿美元现金以及近60亿美元证券。任天堂表示，由于Switch的业务好于预期，其强劲的现金状况是回购的原因。这似乎表明这可能只是一次性的，因为Covid-19的提振可能不会重复。</blockquote></p><p> The rare buyback will likely boost Nintendo’s share price in the short term, but the company needs to prepare for leaner times ahead too. The stock has dropped 14% this year, underperforming the broader Japanese market as well as peers such asSony.One worry is thetraditionally cyclical natureof the console business. The pandemic has probably prolonged the cycle, but the Switch console is likely past the middle, entering its fifth year. Growing Nintendo’s online business would help improve margins. Better use of its popular intellectual properties could also help diversify income sources.</p><p><blockquote>这次罕见的回购可能会在短期内提振任天堂的股价，但该公司也需要为未来的困难时期做好准备。该股今年已下跌14%，表现逊于日本大盘以及索尼等同行。一个担忧是游戏机业务传统上的周期性。疫情可能延长了周期，但Switch控制台很可能已经过了中间阶段，进入第五个年头。任天堂在线业务的增长将有助于提高利润率。更好地利用其受欢迎的知识产权也有助于实现收入来源的多样化。</blockquote></p><p> Nintendo reaped a windfall from the pandemic. Now it needs to convince investors it has a plan for the world after.</p><p><blockquote>任天堂从疫情获得了一笔意外之财。现在，它需要让投资者相信，它对未来的世界有一个计划。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/nintendo-needs-more-than-flashy-buybacks-11628159382?mod=markets_lead_pos10\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NTDOY":"任天堂","NTDOF":"Nintendo Co., Ltd."},"source_url":"https://www.wsj.com/articles/nintendo-needs-more-than-flashy-buybacks-11628159382?mod=markets_lead_pos10","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164213999","content_text":"A big share buyback will help cushion the blow from disappointing results, but isn’t a strategy for the future.\n\nA surprise share buyback from Japanese gaming champion Nintendo Co., Ltd. should help soothe investors who have held on as the stock dropped more than 10% this year.\nNintendo is clearly cash rich, but it needs to articulate a clearer vision for the future as the stay-at-home boost from the pandemic fades.\nThe Japanese game company on Thursday reported a 17% decline in operating profit for the quarter ending in June, while revenue dropped 10%—both lower than analysts’ estimates on S&P Global Market Intelligence. Nintendo’s profit decline isn’t a surprise given its exceptional performance last year due to stay-at-home demand. The company sold fewer of its Switch consoles and games during the quarter, compared with the same period last year. “Animal Crossing: New Horizons,” released in April last year, isone of its fastest-selling games. Component shortages also continue to be an issue in production and distribution of its consoles.\nWhat surprised investors is Nintendo’s decision to spend up to ¥100 billion, the equivalent of $910 million, to buy back 1.51% of its own stock. Buybacks arerare for the Japanese company—last one was around ¥30 billion in 2019. Investors have long hoped Nintendo wouldimprove its capital allocation. The company is sitting on around $10 billion of cash as well as nearly $6 billion of securities. Nintendo said its strong cash position, due to better-than-expected business from Switch, is the reason for the buyback. That seems to indicate it could just be a one-off since the boost from Covid-19 likely won’t be repeated.\nThe rare buyback will likely boost Nintendo’s share price in the short term, but the company needs to prepare for leaner times ahead too. The stock has dropped 14% this year, underperforming the broader Japanese market as well as peers such asSony.One worry is thetraditionally cyclical natureof the console business. The pandemic has probably prolonged the cycle, but the Switch console is likely past the middle, entering its fifth year. Growing Nintendo’s online business would help improve margins. Better use of its popular intellectual properties could also help diversify income sources.\nNintendo reaped a windfall from the pandemic. Now it needs to convince investors it has a plan for the world after.","news_type":1,"symbols_score_info":{"NTDOY":0.9,"NTDOF":0.9}},"isVote":1,"tweetType":1,"viewCount":445,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/899809049"}
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