Nintendo shares slide after Switch 2 console reveal

Investing.com– Shares of Japanese videogame giant Nintendo Co Ltd (TYO:) fell sharply on Friday as investors appeared to be little enthused by the long-awaited reveal of the successor to the Switch (NYSE:) console. 

Nintendo slid nearly 7% to 8,940.0 yen in Tokyo trade, compared to a 1.2% drop in the . The drop was the stock’s biggest loss in three months.

Nintendo revealed the Switch 2 in a two-minute video on Thursday, but offered few details on specifications, stating that more details will be revealed in April.

The video showed that the Switch 2 will sport the same portable-home console hybrid form factor as its predecessor, with what appeared to be a bigger screen, magnetically-attached controllers and slight tweaks to its overall design. 

Nintendo said it will reveal more about the console- likely pricing and game details- in April, and that the console was set for a 2025 release.

Nintendo showcased a new version of Mario Kart during the Switch 2 reveal, and also said it will be backwards compatible with the Switch. 

But Thursday’s reveal yielded few surprises beyond what a barrage of leaks and insider comments had shown about the console. 

The Switch is one of Nintendo’s best-selling consoles, having sold nearly 150 million units since its release in 2017. This has been in large part driven by the company’s strong library of first-party games.

But slowing sales of the aging console weighed on Nintendo’s earnings in recent quarters, with the company also cutting its annual profit and sales forecasts.