Nintendo reports earnings of $1.7 billion, denies new Switch rumors

April 25 (UPI) -- Nintendo announced on Thursday their reported earnings for the fiscal year which ended in March.

The video game giant's full-year earnings equal $1.7 billion, a 39 percent increase from the previous year with revenue up to 14 percent at $10.7 billion.

Nintendo still came in under analysts's predictions, however. The company expects lifetime Switch console sales to reach 18 million by the next fiscal year in March 2020.

Nintendo president Shuntaro Furukawa denied rumors on Thursday that a new Switch model would be announced at this year's Electronic Gaming Expo or E3, in June. E3 is the premiere annual trade event in the video game industry where companies like Nintendo and Microsoft show off their latest titles and make splashy announcements.

"As a general rule, we're always working on new hardware and we will announce it when we are able to sell it," Furukawa told reporters in Osaka, Japan.

Furukawa also said that Nintendo's plans to release the Switch in China are still far off.

Nintendo for 2019 has a number of big titles set for release across the Switch and mobile devices, including Pokemon Sword and Shield for the Switch, which will arrive towards the end of the year, and Mario Kart Tour for iOS and Android devices, which is scheduled to be released during the summer.

Nintendo said that Super Mario Maker 2, which allows players to craft their own Super Mario levels, will be released for the Switch on June 28.