There is a distinction between acquiring studios and full fledged publishers.

Thats your personal take and its false. Xbox Fans hate them for going multiplatform and not competing in console market. No xbox fan had any problem with them buying studios to strengthen gamepass library. They were fully supporting MS acquisitions. They hate that leadership gave up so easily and didn't double down on exclusivity aspect after acquiring studios. Only SonFans like yourself and some biased media disliked MS for buying publishers like Bethesda and Activision and only Sony fans prop up these so called anti consumer theories which doesnt exists. Acquired studios games are everywhere and Gamepass is extremely consumer friendly service.

I may have looked at some other document in that case. Eitherway, my point was that even though Nintendo's revenue might be lower than Xbox (primarily because they bought Activision) but their profit margins are much higher than Xbox and even PS.

Before commencing their buying spree of third party businesses their sole purpose was to sell hardware & earn royalty. They were hated because of their lies & anti-consumer tactics pertaining to hardware marketing. They have been dragged out of that proprietary hardware royalty business completely & there is simply no sign of revival from any front. The studios they bought obviously won’t die overnight & will continue to make games as third party developers to a wide variety of platforms as they always were. Those games will also be given out on other subscription & cloud streaming services without any bounds as evident. Only reason they want OEM’s which won’t make any real money for them is to not have legal troubles pertaining to the digital libraries they have sold on Xbox Hardware over the years. Xbox Libraries will be transferred to PC OEM’s through their forwards compatibility program.

Nintendo Operating Profit is $2.17 billion:- http://www.nintendoworldreport.com/news/70994/nintendo-releases-2024-25-fiscal-earnings-and-projections-for-first-year-of-switch-2 https://www.reuters.com/business/nintendo-full-year-operating-profit-falls-466-2025-05-08/ Playstation Operating Profit is $2.8 billion:- https://www.gamesindustry.biz/playstation-full-year-operating-income-jumps-43-to-28bn