Nintendo Switch fans won't get a new console in 2020

Japanese gaming giant Nintendo said quarterly profit jumped 29 percent, boosted by global demand for its Switch console during the holiday shopping season.

Switch is a hybrid game machine that is both a console and a tablet.

While Switch is quite popular, there are no plans for a new version in 2020, according to president Shuntaro Furukawa.

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Nintendo faces competition as Sony prepares to launch its next-generation PlayStation 5 as well as upcoming 5G mobile phones are expected to offer more sophisticated gaming, according to AFP.

Furukawa told a Tokyo briefing, the Switch's life cycles and customer bases were different from rival consoles.

With October-December profit at 134 billion yen ($1.2 billion), up from 104 billion yen a year earlier, it raised its full year Switch sales forecast to 19.5 million machines, up from 18 million projected earlier.

VIDEOGAME SALES END 2019 WITH A DOWNWARD TREND

Nintendo said it continues to see opportunities for growth from the handheld Switch Lite, launched in September, which is a compact and lightweight version of the Switch meant for on-the-go playing.

Furukawa said that four years after it was launched, the Switch holds promise for more growth that didn't exist for previous consoles that peaked out after a few years.

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Nintendo has raised its annual profit forecast to 210 billion yen ($1.9 billion), up 8 percent from the previous year, and better than an earlier projection for 180 billion yen ($1.7 billion) profit.

The Associated Press contributed to this article.