Nintendo’s been taking a bit of a beating lately. Following declining sales of all of its hardware offerings, the company’s stock has now plummeted by 12 percent.
It’s the largest drop for the company in the last 2 years.
The catalysts were Nintendo dropping earnings forecasts, hardware sales targets, and the decision to massively cut the price of its 3DS which, according to a report on Bloomberg Japan, means the hendheld will be sold at a loss.
The dramatic slashing is necessary improve fiscal performance, however, Nintendo CEO Satoru Iwata said at a press conference held in Japan earlier today.
The cuts will go into effect next month. More on that here.