Video game giant Nintendo yesterday for the first time ever reported a quarterly loss. As a result the company’s stock value fell a whopping 21 per cent.
Former president and Nintendo’s largest single sharehold, Hiroshi Yamauchi lost a cool $500 million as a result. Ouchies. Yamauchi owns 14.17 million shares in Nintendo, which equates to roughly 10 per cent of the company. According to Eurogamer we shouldn’t feel too sorry for the guy, since he is the sixth richest man in Japan with an estimated fortune of $4.6 billion.
The loss comes after Nintendo admitted that 3DS sales have been a touch underwhelming, selling under 1 million units between April and June. Yesterday Nintendo announced global price cuts on the device, marking it down by around 30% in most countries.
For the first financial quarter of 2012, Nintendo lost about £200m. The loss has been blamed on the high cost of marketing the 3DS as well as research and development on the WiiU, which is due out next year.
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