This partially has to do with the brand-new hardware coming from Nintendo: a downgraded Switch and an upgraded one. While the upgraded one is still behind closed doors, the supposedly cheaper one (so it can be considering its reported limitations on certain features like Joy-Con detachability) has had rumors circulating that indicate it could release as soon as this June. Many believed this would put it right in the path of E3, making it a perfect stage to announce it on and a great event to follow up on with a release. However, Bloomberg.org quoted Nintendo President Shuntaro Furukawa in saying, “As a general rule, we’re always working on new hardware and we will announce it when we are able to sell it. But we have no plans to announce that at this year’s E3 in June.”
As if things needed to get any worse today for Nintendo stockholders, this is coming hot off the heels of reports showing that the company fell more than $800 million short of their estimated earning for the 2018 fiscal year. While the E3 news is disappointing, it’s this piece of the puzzle that usually sends stock prices to the floor. Investors don’t usually like giving money to companies that can’t meet their quotas.
