Nintendo shares have fallen by 5.75% as investors reacted negatively to the official full reveal of its upcoming Switch console.
The share fall has wiped $1.78 billion off the company's value. The main concern appears to be the cost of the device, which at $299.99 is the most expensive console Nintendo has ever released.
Early rumours suggested that the console would retail for $249.99 based on previous console's original price point. In the UK it was rumoured to be launching at £199.99, a figure that has now jumped to £279.99.
Not an impulse purchase
"This is not an impulse purchase or as cheap as other recent Nintendo consoles and at this price point Nintendo will be competing with existing consoles and tablets," said IHS Markit Head of Games Research Piers Harding-Rolls.
It isn’t the sharpest fall Nintendo's shares have seen of late. Share prices plummeted 7% following the release of its second mobile title Super Mario Run.
Other concerns surrounding the console include its relatively short battery life and lacklustre launch line-up. Third-party support at the beginning of its lifecycle also appears to largely be made up of ports of older console titles.
[Source: The Telegraph]