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In a recent development, the shares of Nintendo Co (OTC:NTDOY) have witnessed a 6% drop following reports of a potential delay in releasing the company’s next-generation console.
What Happened: The share price of Nintendo fell after both game media and Bloomberg suggested that the new console’s launch might be postponed until early 2025, Reuters reported on Monday. This is a significant shift from the initial plan of releasing the console later this year.
Although Nintendo has not officially confirmed any details regarding a successor to its current Switch console, it is widely anticipated that the company is working on a new device to replace the ageing Switch.
Nintendo is yet to respond to the queries sent by Benzinga.
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At an earnings briefing, Nintendo President Shuntaro Furukawa stated, “We want to maintain the momentum of the Switch business.”
Why It Matters: The news of a potential delay in the release of the next-generation Nintendo console comes after reports of a significant upgrade for the rumored Switch 2 console, including an 8-inch LCD screen, in January. This suggested upgrade had sparked criticism from some fans who viewed it as a technological downgrade.
Despite the ageing of the Switch console, Nintendo has maintained its momentum, as evidenced by the company’s decision to raise its sales forecast to 15.5 million units for the current fiscal year. This was attributed to the strong performance of the December quarter, partly driven by the release of the “Super Mario Bros. Movie” and the flagship Zelda game last year.
These developments also come amid reports of Microsoft’s plans to launch some of its Xbox games on rival platforms such as Sony’s PlayStation and Nintendo’s Switch.
Photo by photo_gonzo on Shutterstock
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