Nintendo shares plummet after Wii U reveal

Written by Joe Martin

June 8, 2011 // 11:56 a.m.

Tags: #analyst #e3-2011 #e3-2011-news #industry #nintendo #share-prices #shares #wii-u #wii-u-announcement #wii-u-video

Nintendo's E3 2011 announcements have failed to wow investors and analysts, causing a drop in share prices that have pushed Nintendo to a five year low.

Analysts said the drop had been called by an underwhelming reveal of the new Wii U console, which had previously been known as Project Cafe, plus stiff competition from Sony's Move and Microsoft's Kinect systems.

'There were high expectations from the new version of the Wii and this fell far short,' Yusuke Tsunoda, an analyst at Tokai Tokyo Securities Co. told Bloomberg.

'People had expected to see something more at a big event like the E3, but there wasn’t really anything more than what’s already reported.'

Nintendo's share price fell by 5.7 per cent to 16,930 Yen at Japan's close of trading, with more than 2.2 million shares changing hands over the course of the day.

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