Nintendo stock plummets 21 percent

Friday, 29 July 2011 07:33 GMT By Brenna Hillier

Investors haven’t taken Nintendo’s latest announcements well; its share prices have fallen by a fifth in the wake of poor first quarter financial results and a 3DS price cut.

Bloomberg reports Nintendo’s stock price had fallen by up to 21 percent to ¥11,010 by mid-morning on Friday, local time.

Nintendo stock had already taken a beating over the Wii U announcement hitting its lowest point in five years at ¥16,930. Not a record Ninty was looking to smash.

Former CEO Hiroshi Yamauchi, Japan’s (possibly former) sixth-richest man and great-grandson of Nintendo’s founder, is estimated to have lost ¥42 billion – $540 million – as a result of the investor panic.

On Thursday, Nintendo announced it would cut the 3DS price up as much as a third across all territories in August. The platform holder reported dramatic sales decreases and continued losses in its first quarter.

Thanks, GiantBomb.

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