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Jumpin said:
Considering Nintendo generates by far most of their revenue from hardware sales, and a substantial amount licensing expenses, I am going to have to disagree.

Profit is more important than Revenue, Console hardware has horrendous profit margins in relation to software. Also you might be surprised...

2015:

Home Console Hardware Revenue - $879 Million

Handheld Console Hardware Revenue - $1.24 Billion

Total Hardware Revenue -  $2.12 Billion

 

Home Console Software Revenue - $706 Million

Handheld Console Software Revenue - $1.25 Billion

Total Software Revenue - $1.96 Billion

 

Not "by far" at all. There's no doubt software makes more profit for nintendo many many MANY times over.