Nintendo stock drops 7 percent after Switch reveal

Following Nintendo’s unveiling of its new console yesterday, the Nintendo Switch, the company suffered from a 7.3 percent drop in its stock overnight.

Shares in the company hit a high of 27,180 yen ($261.60) after the hybrid console’s unveiling yesterday, but are currently sitting at 25,185 yen ($242.40), according to the Financial Times. The drop comes one day after Nintendo received a 4.6 percent increase in shares the night before the Switch was revealed, adding $1 billion to Nintendo’s market value.

Yesterday’s reveal of the Nintendo Switch left plenty of unanswered questions about the new console. We still don’t know if its display is a touchscreen, how powerful the console is, how long the battery will last or what the launch lineup will consist of. We do know that Nintendo’s highly anticipated Zelda title, The Legend of Zelda: Breath of the Wild, will be available sometime next year.

Nintendo also confirmed that major publishers, developers and studios like Bethesda, Activision, Capcom, Ubisoft, Warner Bros. Interactive, and Take-Two Interactive Studios would support the Switch, along with independent companies like Starbreeze.

Despite the drop last night, Nintendo’s share price is still up 53.1 percent this year, largely thanks to the incredible success of Niantic Labs’ Pokémon Go this summer. Pokémon Go remains one of the most downloaded games on the App Store and Google Play.

Nintendo did not announce a specific launch date for the Switch or how much it will cost. More information is expected to be released ahead of the console’s release in March 2017.

Via: Financial Times