The massive stock surge video game giant Nintendo saw after announcing two major initiatives with Apple this week didn’t last very long, but the Japanese company’s shares were still strong Thursday compared to its 52-week low.
Nintendo (NTDOY) shares closed at $33.90 Thursday, a negative change of 2.42 or 6.66 percent, one day after reaching $36.32 per share following Apple (AAPL) CEO Tim Cook’s revelation the day before that the new Apple Watch 2 will have Pokemon Go. A new “endless runner” title called “Super Mario Run” will also be available to iPhone 7 users.
According to Yahoo Finance, soon after Apple and Nintendo announced their ventures, Nintendo stock soared Wednesday from roughly $30 a share to as high as $36.55 or as much as a 24 percent gain. The surge didn’t quite reach Nintendo’s 52-week high of $38.25 set in mid-July when the Pokemon Go craze was building.
Finding another platform for Pokemon Go should prove beneficial to both Nintendo and Apple. Since its launch two months ago, the game’s reportedly generating almost $3 million a day from in-app purchases and reports have credited Pokemon Go with helping rake in more than $440 million in gross revenue. Nintendo’s stock has also enjoyed incredible growth since the game’s release in July. With downloads exceeding more than 100 million one month after Pokemon Go’s debut, Nintendo’s shareholders have seen an almost 50 percent increase in value, according to USA Today.
Apple, meanwhile, has seen its watch sales plummet. "Consumers have held off on smartwatch purchases since early 2016 in anticipation of a hardware refresh," Jitesh Ubrani, a senior research analyst at IDC, told CNN Money in July.