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Nintendo Stock Goes Way South

July 29, 2011 by Michael   | Category: Gaming
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NintendoNintendo’s stock nosedived after yesterday’s financial results, losing 21 per cent of its value in a single trading period – costing ex-president Hiroshi Yamauchi a huge amount of money.

Yamauchi was president of Nintendo for 53 years and retained a ten per cent share in the company across 14.17 million shares, according to a March 31 posting. Those shares are thought to have lost a total of $540 million in a single day, reports Bloomberg.

The fall was the result of a devastating financial report for Q1, 2012 which indicated that Nintendo was slashing its profit forecast by a massive 82 per cent and cutting prices of the 3DS by around a third world wide in order to “build momentum”.

Earlier this year, Nintendo’s shares reached a five year low after the Wii-U reveal at E3 in Los Angeles, closing at a price of ¥16,610. Yesterday’s slide brought the price to ¥11,100 – the biggest intraday drop since at least 1990.

Whilst that price has since recovered slightly to a current level of ¥12,270, the message from investors seems clear.

 

Courtesy-GI.biz by Dan Pearson

 

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