Nintendo Shares Take 18% Hit Following Wii U Sales Forecast Cuts

Recovered somewhat before end of day

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Nintendo Shares Take 18% Hit Following Wii U Sales Forecast Cuts
Nintendo's shares dropped by as much as 18 percent Monday following news of the cuts it made to its sales forecasts on Friday.

The drop was rebalanced somewhat across the day's trading, however, with the company's shares ending the day down 6.2 percent.

Nintendo said on Friday that it had reduced its Wii U sales forecasts for the financial year by 70 percent, as well as making significant reductions to its 3DS and software predictions.

Speculation about Nintendo's future is in the air. Nintendo president Satoru Iwata has said he won't resign, though he has taken responsibility for his company's poor performance. The news has once again kicked up speculation about Nintendo properties making their way to other platforms, however.

Iwata, meanwhile, has been quoted as saying that, "Given the expansion of smart devices, we are naturally studying how smart devices can be used to grow the game-player business. Itís not as simple as enabling Mario to move on a smartphone."

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