Nintendo reported weaker-than-expected earnings for its fiscal third quarter, as declining demand for its ageing Switch console weighed on revenue and profitability. The gaming giant posted a net profit of 128.

Gaming giant Nintendo has cut its net profit forecast for its financial year after profit and sales fell as gamers start to look ahead to the release of its next console.

Japanese video game giant Nintendo on Tuesday cut its annual net profit forecast after hardware and software sales for its Switch console fell in the first three quarters."Nintendo Switch hardware and software sales through the third quarter were below expectations,

Nintendo is caught between its eight-year-old Switch console and the next-gen Switch 2 — a purgatory that usually hits sales.

Nintendo has confirmed it's putting "measures" in place to ensure the Switch 2 launch won't be spoiled by scalpers and resellers.