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Nintendo announced on Thursday that it will be releasing the Switch 2 console, the successor to its popular Switch device, later this year. The Kyoto-based company has not disclosed the pricing yet but plans to reveal more details at a Nintendo Direct event scheduled for April 2.

Existing Switch software will be compatible with the new device, although some games may not work seamlessly. According to Serkan Toto, founder of Kantan Games consultancy, the new console seems more like a "Switch Pro" with upgrades rather than a distinct Switch 2. Toto anticipates the launch to happen post-June.

Since its launch in 2017, the Switch has been a game-changer for Nintendo, outselling its predecessor, the Wii U, with over 145 million units sold. The company continues to extend the Switch's life cycle through hardware enhancements and popular game releases like Super Mario and The Legend of Zelda.

Jefferies analyst Atul Goyal predicts that the Switch 2 will boost hardware sales, with high demand potentially exceeding supply for a few months. Despite tough competition from mobile and cloud gaming, Nintendo, along with Sony, remains a prominent console provider in Japan.

Nintendo's console business remains vital for the company, even as it expands into other ventures like theme parks and movies featuring its iconic characters.