Nintendo has downgraded its group-wide earnings forecast for fiscal year 2022. The Japanese videogame maker cites worse-than-expected sales of its flagship Switch console.

Nintendo now predicts that revenue for the year through March will be 1.6 trillion yen, or 12.2 billion dollars. That is down about 380 million dollars from its previous forecast.

Net profit is expected to be about 2.8 billion dollars, nearly 230 million dollars less than before.

The company says Switch fell short of sales targets for the holiday-shopping season in markets outside Japan. That prompted the company to cut its full-year sales forecast for the device by one million units.

Nintendo adds that it has revised its assumed exchange rate. Formerly 135 yen to the dollar, the rate is now 125, reflecting the Japanese currency's recent strength.

Nintendo officials say the Switch's cumulative sales have topped 120 million units, making it difficult for the product to maintain its former sales pace.