Tough times for Nintendo

Gaming industry giant Nintendo now faces one of its worst blues. The latest financial results only add to the misery, revealing that Nintendo had lost 21% of its stock value in a single trading period.  Ex-president, Hiroshi Yamauchi is suspected to be the biggest loser as a result of this. He is the company’s largest single share holder, retaining 10% share. Nintendo has taken evasive action by cutting the price of the five-month old 3DS hand-held console by a third, slashing profit forecasts by 82%. Nintendo believes that this move will aid its recovery in the long run. As it is, Nintendo faces stiff competition from its counterparts.

Adding to this unstable situation is the cloud of uncertainty that surrounds Nintendo’s newly announced console, the Wii U. While Nintendo is pushing ever so hard to get maximum third party support for the console, the console has received mixed reactions from gamers and critics around the world since its E3 reveal. These are ominous signs for the Japanese gaming giant, going into its new console phase on the back foot.

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