Nintendo takes No. 2 on Tokyo exchange
EmptyTOKYO -- Nintendo overtook Canon on Tuesday to become the second-largest company on the Tokyo Stock Exchange, nearly three months to the day after it surpassed rival Sony Corp.
Boosted by the worldwide success of the Wii and DS, the Kyoto-based company now has a much larger market capitalization for its console and software business than Sony's combined gaming, movies, music and consumer electronics divisions.
Nintendo stock finished the day up just over 3% at ¥59,300 ($515) to value the company at ¥8.39 trillion ($72.7 billion). Sony is valued at ¥5.4 trillion ($46.8 billion), on far higher revenue.
As recently as July, Nintendo was ranked as the ninth-largest Japanese company, but it's dominance in both the home and portable console market has seen its share price quadruple over the last two years.
Nintendo is unlikely to take the top spot from Toyota anytime soon. The world's most profitable carmaker is valued at ¥24 trillion ($209 billion), nearly triple Nintendo.
Leading the battle of the new generation consoles with its Wii over Microsoft's Xbox 360 and Sony's PS3, both in Japan and worldwide, Nintendo didn't feel the need to eventurn up at the Tokyo Game Show last week. The company has elected to stay away from the massive event in recent years, though software makers had plenty of games for its consoles on display.
Sony scored a rare domestic victory this month when all 77,777 new Slim PSPs bundled with "Crisis Core: Final Fantasy VII," sold out in the week ending Sept. 16, giving it higher weekly sales than the Nintendo DS for the first time in a year. The total for all PSPs was 95,487, while the DS managed 79,989.
Recent sales of all consoles in Japan continue to be sluggish. In the same week that the PS2 outsold the PS3 by 13,128 to 13,101, sales of the Wii fell to 26,181. And the Xbox 360 continues to struggle in the Japanese market, shifting just 1,243 consoles, according to market research firm Media Create.