Nintendo Stock Crumbles In Wake Of Disastrous Financial Forecast

Nintendo can’t catch a break.  Their financial forecast yesterday was an unbelievable disaster with Nintendo slashing the Wii U’s projected sales for the current Fiscal Year from 9 million to a meager 2.8 million.  It was also revealed that 3DS sales are below expectations.  CEO Satoru Iwata also refused to resign or shake-up management in any form.  So, what else could go long?  How about a significant hit to your stock?

Nintendo’s stock worth has taken a huge nosedive over the past 24 hours now sitting at $14.90 per share, a drop of 17.04%.  A week ago it was sitting at a healthy $19 due to China lifting their ban on game consoles.  It isn’t the worst Nintendo’s stock has been.  Early last year after Wii U sales slumped following the holiday Nintendo saw their shares drop to $11.39.  However, Nintendo is on its way back down if things continue the way they are.

It’s hard to see a future for the Wii U in its current state.  With gamers flocking in droves to the PS4 and Xbox One little room is left for a machine that barely exceeds the power of the PS3 and Xbox 360.  Also, with Third-Parties abandoning the console in droves it’s unlikely Wii U will get the big games publishers like EA, Bethesda and Square Enix release.  Nintendo does have Mario Kart 8, The Legend of Zelda and Super Smash Bros. coming to Wii U this year, but seeing as Super Mario 3D World did little to nothing to improve sales it puts into question whether these games will make the Wii U purchase-worthy.