Nintendo's attempts to save its sinking 3DS ship has not impressed investors, and the company's share price has continued to fall following the Tokyo Games Show.
Nintendo revealed several new games based on some of its most popular franchises, but it failed to satisfy nervous investors.
"I don't think the new games will make any difference," one investor told CVG.
"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."
Investors are also unconvinced that Nintendo's upcoming Wii U console will be able to lure gamers back to the company.
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