Nintendo's pre-TGS show earlier today featured a number of product announcements, from new games to launch details for the controversial 3DS circle pad peripheral, but investors were left cold by the company's plans.
The platform holder's shares fell five percent on Tuesday versus a one percent rise the Nikkei stock average, with investors pessimistic about Nintendo's chances of fighting off increased competition from smartphones and tablets.
Nintendo president Satoru Iwata told reporters (via Reuters): "From the end of this year to the beginning of next, we are planning the kind of extensive line-up that has probably never been seen before in the history of video games. We will make an all-out effort to see that the 3DS sells enough to become the successor to the DS."
New products aimed at attracting a broader audience to 3DS, including the likes of a pink hardware model and Monster Hunter 4, lacked the necessary "wow" factor, according to analysts and investors.
"I don't think the new games will make any difference," said Mitsuhige Akino, chief fund manager at Ichiyoshi Investment.
"Nintendo succeeded by pulling in people who weren't gamers and their needs now are no longer being filled by Nintendo, they are happy playing games on their mobile phones," he added.
"The only possible way for Nintendo to revive would be to stop concentrating on mobile games and switch to Wii-type games for the whole family," said Makoto Kikuchi, CEO of Myojo Asset Management. "However, at the moment, I can't see this change coming."