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After Earnings, Shares of Nintendo, SoftBank, And Sharp in Japan Fall

Charlie Brooks

Feb 08, 2023 14:21

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On Wednesday, shares of Nintendo Co Ltd (TYO:7974), SoftBank Group Corp, and Sharp (OTC:SHCAY) Corp plummeted after the businesses shocked investors with poor earnings, highlighting the bleak demand forecast for global technology industries.


The maker of the Switch (NYSE:SWCH) video game console revealed decreased sales and earnings and lowered its full-year projection, causing shares of Nintendo to decline by 6%. It also lowered its sales projections for the Switch system. Nintendo's stock was poised for its largest one-day decline since November.


SoftBank's stock slumped 6.2% after it reported a quarterly loss, as its huge Vision Fund investment subsidiary posted its fourth consecutive quarterly loss. The worldwide investor in technology also provided a cautious forecast.


Sharp Corp fell 11.2%, putting it on course for its largest one-day decline in three and a half years.


The manufacturer of displays and telecommunications equipment, a subsidiary of Taiwan's Foxconn, announced a quarterly operational deficit and forecast a loss for the entire year.


The results of the three companies demonstrate how a decline in consumer demand caused by rising inflation and interest rates has impacted the tech industry.


Nintendo is experiencing a decline in Switch sales, while SoftBank has seen its enormous technology portfolio's valuation decline.


"The situation remains difficult," SoftBank's chief financial officer Yoshimitsu Goto said in a conference Tuesday following the release of the company's quarterly results, referring to the tech industry's broader challenges.


The falls in technology companies pushed the Nikkei 225 index marginally into negative territory.


On Smartkarma, analyst Mark Chadwick stated, "The Nintendo Switch is now six years old, and demand is currently exhausted."


"According to our hypothesis, the hardware cycle has reached its apex, and the share price will fall in parallel with the revenue decline."


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