Gaming outfit Nintendo took a mauling on the stock market yesterday dropping more than $300 million after the company announced that it was slashing its profit forecast, not least because the 3DS handheld console has failed to meet expectations.
Shares held by former Nintendo president Hiroshi Yamauchi shed ten per cent of their value following the announcement and were not bolstered by Nintendo's decision to slash the retail price of the 3D gadget by as much as 40 per cent.
A Bloomberg report said the Japanese gaming giant slashed its forecast by a massive 82 per cent leading to the $312 million downturn in the company's value.
The disastrous day shouldn't worry Yamauchi too much as his personal wealth is estimated at a healthy $4.6 billion.
The 3DS console, which features a glasses-free 'autostereoscopic' 3D display, has failed to ignite public interest not least because of health concerns surrounding the eyesight of those at whom it is aimed, younger children.
Apart from the prospect of boss-eyed kids, Nintendo's share of the mobile gaming market has been decimated by the prevalence of portable gadgets running Apple's iOS and Google's Android operating system, where wildly popular games can cost pennies or even come free, compared to 30 quid a pop for some 3DS titles.