The hottest product on Black Friday and Cyber Monday wasn't even on sale

Nintendo's Switch game console was the #1 best-selling product online on Thanksgiving, Black Friday, and Cyber Monday, according to Adobe Analytics.
The Switch has enjoyed a record-breaking year since its launch, Jefferies Analyst Atul Goyal said.
Strong sales now will help Nintendo in the future, as Switch owners will keep buying new games over the next several years, Goyal said.

Nintendo dominated online sales on Black Friday and Cyber Monday thanks to the company's wildly popular Switch game console, Jefferies analyst Atul Goyal said in a note to clients.

The Switch was the best-selling product online across all product categories among online retailers on Thanksgiving, Black Friday, and Cyber Monday, according to Adobe's Digital Insights Initiatives. Nintendo offered no discounts during that time, although the console was already priced below $300.

Nintendo saw record sales in the Switch's launch month. The new console has also had several successful games, such as "Zelda," "Mario Kart," "Splatoon 2," and "Super Mario Odyssey," Goyal said.

"Even we had not expected such a record-breaking streak," Goyal wrote in a note. "This strong sales is going to create a robust installed base, which is where games software will monetize over the next 5-7 years."

Nintendo's Switch has performed better than any other competitor in its first few months, Goyal said. Rival Sony announced the PlayStation had its best ever Black Friday with the most sales in the console's 22-year history. Goyal noted that, unlike Nintendo, Sony offered steep discounts on its consoles. The 1 TB PS4 was priced down to $199 from $299 and the PS4 Pro was priced at $350 from $399.

Even though the PS4 is breaking company records, it was not enough to make it on the top of the charts with Nintendo. Goyal predicts that the Switch's popularity will not slow down anytime soon.

Nintendo's stock is trading at $414.50 (or 46,417.40 yen) and is up 88.85% for the year.