Nintendo shares hit following loss warning
Nintendo shares fell as much as 18 per cent in Tokyo on Monday before regaining some of the losses to close down 6.2 per cent.
Investors were reacting negatively to Friday's announcement that Nintendo had slashed its annual Wii U sales forecast from 9 million to 2.8 million units, a dramatic reduction that will swing its full-year results from profit to loss.
Monday's share decline is the company's biggest drop since September and wipes $1.2 billion off its market value, Bloomberg reports.
Nintendo is doing plenty of soul-searching in light of its recent abject commercial performance.
"We cannot continue a business without winning," Nintendo president Satoru Iwata said on Friday. "We must take a sceptical approach whether we can still simply make game players, offer them in the same way as in the past for 20,000 yen or 30,000 yen, and sell titles for a couple of thousand yen each."
The executive, who has no plans to resign, also said: "We are thinking about a new business structure. Given the expansion of smart devices, we are naturally studying how smart devices can be used to grow the game-player business. It's not as simple as enabling Mario to move on a smartphone."
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Related Forum: Gaming Discussion
Source: http://www.computerandvideogames.com/445950/nintendo-shares-hit-following-loss-warning/
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Comments
MoBoPosted:
Lia Wow that's a big blow to the company, I wonder if they'll recover from the bad sales.
Yeah, I suppose this may have happened when the PS3 dropped but they should recover, hopefully :(
MoBoPosted:
Ahh, they are running out of ideas. I would hate for the company that made my childhood go bust :(
iiExaMplezZzPosted:
Its a shame to see Nintendo struggling like they are, but its no surprise that they are. They can't compete with Sony and Microsoft right now, both of their consoles are miles ahead of the Wii U (even the previous gen ones) and they haven't done anything substantial to change that. I hope they do pull back to where they used to be, but if they continue like this and Sony and Microsoft do the same, they might not be able to.
Scared_of_WaterPosted:
Nintendo is going to bring out the Play Station 5 to troll Sony and go out in a blaze of glory.
http://smg.photobucket.com/user/Shnazzyone/media/Kutaragidefends.jpg.html
http://smg.photobucket.com/user/Shnazzyone/media/Kutaragidefends.jpg.html
TreyarchedPosted:
Valor nintendo sucks so im not surprised at all xbox all the way
The only thing that sucks is modern "gamers" like you. Nintendo have made some of the greatest games ever.
TRSNPosted:
Oasis Such a shame, let's hope they can win those investors back. Maybe Nintendo should lie low for a bit then release a new console in a few years and smash all expectations.
They're winning investors right now. Smart investors buy low, sell high.
OasisPosted:
Such a shame, let's hope they can win those investors back. Maybe Nintendo should lie low for a bit then release a new console in a few years and smash all expectations.
CoffPosted:
-CP Nintendo may just become a distant memory some day....
Yea exactly what im saying aahahaahah
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