Nintendo’s wild stock ride was fun while it lasted.
Shares in the video game maker slid more than 5% on the Tokyo markets Wednesday after reporting a loss for the first quarter, and downplaying the impact viral hit game Pokémon Go would have on its financial results.
The company reported first-quarter sales of $586.7 million, down 31% from the year before. Analysts polled by S&P Global Market Intelligence projected revenue of $657 million.
Nintendo also reported a loss of $232 million for the quarter. In a statement Wednesday, Nintendo cited “foreign exchange rates being impacted by significant yen appreciation” for results.
The disappointing earnings arrive days after Nintendo revealed the impact of Pokémon Go on its financial results would be “limited.” The game has become a global hit, notching 75 million downloads since launching earlier this month, according to SensorTower.
Nintendo holds a 32% stake in The Pokémon Company, a co-creator of Pokémon Go along with studio Niantic. However, Nintendo shares benefitted from a huge boost because of the game’s popularity. On June 6, close to the launch of the game, Nintendo shares closed above $136 on the Tokyo markets. Two weeks later, the company’s stock price peaked at $300. As of Wednesday, Nintendo shares are trading around $211.
This year, Nintendo plans to launch a wearable called Pokémon Go Plus, a device users wear on their wrist to help them detect creatures nearby using LED light and a vibrating alert.
Meanwhile, sales of home video game console Wii U plunged compared to last year as players await the arrival of its next console, codenamed NX. Nintendo sold 220,000 Wii U consoles during the quarter, compared to 470,000 the same time a year ago.
Rumors continue to swirl over what the NX will look like when it launches in March 2017. According to Eurogamer, the device is a portable, handheld device that connects to your TV, and includes detachable controllers.