Nintendo stock down after unveiling its newest console
Shares in Nintendo are down almost 6% at in trading on the Japanese markets after officially unveiling the details of its newest console, the $299 (£245.83) Nintendo Switch.
When the Switch was first teased back in December, Nintendo took a similar beating on the markets – analysts were concerned that the TV console that you can disconnect and use as a portable gaming device, wasn’t different from the more powerful Sony PlayStation 4 and Microsoft Xbox One consoles.
Traders are already skeptical of Nintendo: The Wii U, Nintendo’s previous console was a notorious flop, selling only 13 million units in its five-year lifespan. For comparison, the original Wii sold 101 million units in its lifetime.
And “Super Mario Run,” the debut of Nintendo’s most famous franchise on the iPhone, is a smash hit in terms of downloads, but that hasn’t translated into long-term revenue, and the stock has suffered.