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Nintendo loses $1.2 billion market value as share price slumps

Nintendo have lost a staggering $1.2 billion market value as their share price expectedly fell after company president Satoru Iwata announced their revised financial forecast for the year.

That was largely in response to the Wii U which has failed to capture enough consumer attention, Nintendo’s 9 million units sales forecast for the year being drastically slashed down to 2.8 million.

Their share price fell by 6.2 percent to 13,745 yen, the sharpest decline that it has seen since early September, falling from 16,080 yen achieved earlier this month, the highest that it has been over the past year.

Analysts such as Wedbush Securities’ Michael Pachter called for Nintendo to “consider getting out of the Wii U business,” whilst making a concerted effort to capitalise on the dominant smartphone market by porting their back catalogue to aid their recovery.

Iwata’s comments last week saw him explain that it was “not as simple” as bringing Mario to smartphones, although admitted that Nintendo had “misread the market” with Wii U.

[Thanks Bloomberg]

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