Japan's Nintendo will launch the Switch 2 console, successor to its hit Switch device, this year, it said Thursday.

The Kyoto-based gaming company did not release pricing for the new device and said it would provide more details at a Nintendo Direct event on April 2.

The company said that existing Switch software will be usable on the new device although some games may not be fully compatible.

Consumers and investors have been waiting for details of the new console, which appears to closely follow the playbook established by the hybrid home-portable Switch.

The Switch transformed Nintendo's fortunes following the poor performance of the Wii U console, and has sold more than 145 million units.

Nintendo has extended the lifecycle of the Switch, which launched in 2017, with hardware refreshes and hit games from franchises such as Super Mario and The Legend of Zelda.

The company, whose shares have been boosted in anticipation of strong consumer demand for the new device, has said it expects to sell 12.5 million units of the aging Switch console in the financial year ending March.

The Switch is the company's second best seller topped only by the handheld Nintendo DS, which sold 154 million units.

Along with PlayStation maker Sony, Japanese companies remain leading console providers, even as technology such as mobile and cloud offers alternatives for gaming.