Nintendo to buy back over $400 million worth of shares

And this is just one move.

Image via Nintendo

Nintendo announced plans to buy back $432.9 million (56.36 billion Japanese yen) worth of shares in today’s annual financial results. The transaction will take place tomorrow, May 11.

Nintendo has seen great sales success with the Switch and its exclusive games in recent years and has achieved a favorable position in the market. With the financial move announced today, Nintendo will spend approximately $432 million to purchase common shares of the company limited to 1 million shares, which make up 0.85 percent of the remaining shares. The purchase must be made at 8:45am local time on May 11 on the Tokyo Stock Exchange.

The reason for this purchase specified in the document that was shared is “to improve capital efficiency as a flexible capital policy in accordance with the changes in the business environment,” according to Nintendo. This action, which only had vague official objectives revealed, is just one of several maneuvers that the company is carrying out in terms of its shares and stock.

Other announcements in today’s annual financial results include Nintendo shares being up five percent for the year. The company sold 23.06 million Switch consoles in the fiscal year ending in March, up from a February forecast of 23 million. Nintendo expects to sell 210 million units of software this year, down from 235 million last year.