The operating result plummeted 71 percent to 54.5 billion yen, equivalent to 3.9 billion kronor, during the first quarter of the broken fiscal year. The profit after tax fell 55 percent to 81 billion yen.
Net sales decreased by 47 percent to 247 billion yen.
Nintendo sold 2.1 million units of Switch, which is 46 percent worse than last year, and 1.2 million units of the more advanced OLED model, 56 percent worse.
The decline can be attributed to gamers waiting for Nintendo to launch a replacement for the aging Switch.
Last year's sales, on the other hand, soared thanks to the major game "The Legend of Zelda: Tears of the Kingdom" and revenue from the "Super Mario Bros" film.
Nintendo announced in May that a new console will be unveiled sometime during the current fiscal year, at the latest by March next year.
The plan is still to sell 13.5 million machines during the year, but analysts estimate that 10 million is more realistic.
