Nintendo’s stock prices took a hit as President Shuntaro Furukawa admitted that increasing the prices of its hardware could deter potential buyers.
Although the company managed to recover some of its losses during the day, Nintendo’s shares are currently down almost 9% from five days ago and 14.7% from a month ago.
The year-to-date performance paints an even bleaker picture, with prices plummeting by over 34%.
“We haven’t delved into the specifics of how this price adjustment will impact sales of the Nintendo Switch 2, but we anticipate that it will make purchasing slightly more challenging,” Furukawa informed investors, as translated by machine (via IGN).
“Nevertheless, the crux of the gaming console industry lies in delivering captivating gameplay that transcends mere monetary value,” he emphasized.
“We, along with our software partners, will continue to unveil a diverse range of titles, with the aim of broadening the market by showcasing these titles alongside the new, exclusive experiences offered by the Nintendo Switch 2.”
Nintendo’s annual financial report revealed significant growth in net sales and profits following the inaugural fiscal year of the Switch 2, attributing the price hikes in the US, Japan, Canada, and Europe to “evolving market conditions.”