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Nintendo shares down after presentation falls flat

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A tough E3 for Nintendo?

Underwhelmed by Nintendo's showing at its E3 press conference yesterday? You're not the only one.

Nintendo shares fell 1.6% in early trading following the high-profile event, where the company unveiled a slew of new games for its upcoming Wii U console. It's the latest blow in what's been a difficult year for the under-pressure company, which has seen sales of its once-proud Wii and DS consoles decline sharply in the face of hot competition from Sony's Playstation 3, Microsoft's Xbox 360, and Apple's range of mobile devices. Back in April the Tokyo-based firm posted its first annual loss for decades, and overall has lost 15% of its value so far this year.

Investors weren't pleased, then -- and neither was the press. The conference was widely criticized for leaving key questions unanswered -- like when the device will be released, how its streaming video experience will look, and how much it will cost -- and has left industry observers doubtful whether the new console can repeat the Wii's breakout success.

"I am still not convinced about whether they can retain the audience who bought the Wii, as well as hardcore gamers," Games Industry International's James Brightman told Reuters -- and CVG's Rob Crossley characterized the company's showing as "suicidal", saying in an editorial "Where there was once simplicity, there is now exasperating confusion...Even Nintendo, with its peerless experience in the games arena, can't sell that kind of monstrosity."

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