Shares of Japanese video game maker tumble

Thursday, 13 June 2019

Shares of Japanese video game maker Nintendo plunged on Wednesday after the company announced a delay in the launch of a highly anticipated video game, reports CNBC.
By the end of the trading day in Tokyo on Wednesday, shares of Nintendo were down 3.53%.
The shares took a beating after Nintendo announced on Tuesday, at the Electronic Entertainment Expo (E3), that it was delaying the launch of the latest installment in its "Animal Crossing" franchise, titled "New Horizons."
Originally scheduled to be released later in 2019, it has since been pushed back to March 20, 2020.
A simulation game that puts players in a village where they engage in activities such as fishing and bug catching, the series is highly popular among gamers. Data from Nintendo showed past editions being sold in the millions. Sometimes, the game even came up among the top selling titles for previous consoles other than the current flagship Switch console.
Analysts had previously told CNBC that the title was among those that they expected to help boost sales of Nintendo's Switch console, a hybrid device that allows gamers to play on the go and at home when connected to a TV. Switch has been a significant contributor to the company's revenues.
Previous reports have also suggested that at least one new version of Switch hardware could be in the works - a move that analysts said could propel sales of the device and extend the product's life cycle. Nintendo did not release any details at the E3.