Nintendo shares have dropped by 17.7% after investors in the company realised that it wasn’t Nintendo who created Pokémon GO. Nintendo warned investors that Pokémon GO wouldn’t make much difference to their profits as the game is developed by Niantic. However, Nintendo shares are still up 60% since the release of Pokemon Go a few weeks back. Analysts believe the market “overreacted” to the Nintendo statement:
“I believe that Pokemon Go will be material in the company’s earnings, given the current trends for the game,” David Gibson, a senior analyst at Macquarie Securities Group said.