Nintendo announces new Switch console with OLED screen: Check price and specifications

The first challenge for Nintendo ahead of the new Switch console's debut will be to ensure it has adequate inventory of the product.

FILE PHOTO: A Nintendo Switch game console is pictured at the Paris Games Week in Paris, France, October 29, 2019. REUTERS/Benoit Tessier/File Photo (REUTERS)

Nintendo announced the new Switch gaming device for release Oct. 8, a long-awaited $350 gadget that will succeed its popular console and likely catalyze a wave of new software and holiday-season sales.

The new device marks the first hardware upgrade to the console originally released in 2017 for $299. It features a vibrant 7-inch OLED screen, a wide adjustable stand, a dock with a wired LAN port, 64 GB of internal storage, and enhanced audio, according to a statement from the company Tuesday.

The Kyoto-based games maker broke with convention when it introduced the Switch, a hybrid console capable of connecting to a TV at home as well as being used as an independent mobile device. Sales of the machine have been consistently strong. The Covid-19 pandemic combined with runaway hit Animal Crossing: New Horizons supercharged demand throughout 2020.

Nintendo introduced a mobile-only Switch Lite in late 2019 as a more affordable $199 option. Cumulatively, the Switch family has sold 85 million units worldwide as of March 31.

Nintendo President Shuntaro Furukawa said in May that the Switch's sales momentum is unprecedented in the company's 131-year history. He signaled confidence that the pace could be maintained or even increased as the platform is only at the midpoint of its planned lifecycle.

Nintendo's share price is near its all-time high as the company continues to see greater demand for its devices than it's able to immediately satisfy. Anticipation is also high around the slate of new games set to accompany the new model's release.

The first challenge for Nintendo ahead of the new console's debut will be to ensure it has adequate inventory. Global semiconductor shortages have frustrated production plans across various industries, affecting everything from cars to TVs and consoles to personal electronics like headphones. Rival Sony Group Corp.'s PlayStation 5 has been extremely scarce since its launch in November, leading to game sales for the new platform also struggling, according to data from market trackers such as Japan's Famitsu.

“A lesson we learned from the PlayStation 5's launch is that making sure to have enough inventories is really the only step that any company can take to keep scalpers at bay and make gamers happy and willing to spend a lot on the platform,” Ace Research Institute analyst Hideki Yasuda said.