TOKYO, Japan (AFP)—Japanese gaming giant Nintendo said Friday it will hike the price of its Switch 2 gaming console as memory chip costs soar, warning that net profit would fall 27 percent this year.

Sony — whose PlayStation5 has already risen in price — was more upbeat, projecting a 13-percent rise in income but still with falling sales of its ageing console.

Nintendo said the Switch 2 price in Japan will rise 20 percent from May 25, and from September 1 by 11 percent in the United States to $499.99 and in Europe by six percent to 499.99 euros.