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Iwata Confused By Nintendo's Stock Price Decline

Iwata Confused By Nintendo's Stock Price Decline

June 10, 2011 | By Tom Curtis

Nintendo president and CEO Satoru Iwata says he finds it "very strange" that the company's stock price dropped to its lowest in five years following the announcement of the Wii U last Tuesday.

"Honestly speaking, the reaction to [Tuesday's] presentation and what I heard from people I met and the mood of the convention did not chime at all with what happened in the stock market," Iwata told Reuters. "It's very strange."

"In the end, it is easy to get the mistaken impression that this is just a game console with a tablet," he said. "People who came to the presentation and tried it out have understood very well that it opens up a lot of new possibilities. But people who have not tried it will find it hard to believe that this controller will change things."

Iwata pointed out to Reuters that the mixed reactions to the Wii U are very reminiscent of the reception to the original Wii in 2006.

The CEO also admitted that the company could have done a better job explaining the new console, but remained firm in his belief that overall reception will change just as it did for Wii.

The upcoming console, which is set to launch in 2012, will feature high-definition graphics and will include a tablet-like controller with a 6.2" touch screen. Nintendo says this new device will help the company bridge the gap between casual and hardcore audiences.

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