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Nintendo stock dives following poor financials

Shares close down 12.2 percent Friday having earlier hit a six-year low

Nintendo stock dived on Friday after the platform holder reported a first quarter loss, cut earnings forecasts and announced plans to slash the price of the 3DS.

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At one point they tumbled over 20 percent to hit a six-year low, although they closed down 12.2 percent in Japan on Friday, according to AFP.

Nintendo posted a net loss of $329 million for the three months ended June 30 and cut its full-year profit forecast by 82 percent to $258 million.

Yesterday Nintendo revealed global 3DS price cut plans after the portable sold just 700,000 units in the first quarter.

[ SOURCE: AFP ]

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