Dogged by market perceptions that sluggish domestic demand augurs slower global sales, Nintendo Co. stock remained in the doldrums Thursday despite the all-time-high earnings it announced that day.
Despite the global economic slowdown, efforts to tap first-time gamers are proving a success. And the company expects pretax profit to jump 11 per cent to 500 billion yen this fiscal year.
Yet the market was not satisfied. Nintendo shares closed at 26,600 yen on Thursday, down 30 yen from last Friday.
Consensus is growing in the market that earnings will peak in fiscal 2009 , given the slowdown in the domestic gaming market, which is generally considered a leading indicator for trends overseas.
At home, sales of Nintendo's blockbuster Wii game console slumped 47 per cent to 2.06 million units in fiscal 2008.