Jan. 20 (Bloomberg) -- Shares of Nintendo Co., the world's biggest maker of handheld video game players, had their biggest gain since July 2003 on a report its Revolution console will sell for less than $300, undercutting Microsoft Corp.'s Xbox 360.
Reggie Fils-Aime, executive vice president of sales and marketing for Nintendo America, told Cnet News.com this week that the company's next console "will cost less than $300,'' and will go on sale before Thanksgiving in November.
Tsutomu Enoki, a spokesman at Nintendo's Kyoto headquarters, declined to elaborate on the report, saying "We have not disclosed any specifics on the price.'' He reiterated the company's plan to sell the Revolution "some time in 2006.''
Nintendo's market share has narrowed to about 14 percent for its existing GameCube console as Microsoft and Sony Corp. introduced products with a hard drive, DVD player and Internet connection. Microsoft started sales of its Xbox 360 in November for between $299 and $399. Sony plans to sell its PlayStation 3 device around the second quarter, and hasn't given a price.
"I guess it has been a buzz of expectations,'' said Hiroshi Kamide, an analyst at KBC Securities in Tokyo. He has a "buy'' rating on Nintendo.
Shares of Nintendo rose 6.2 percent to 16,070 yen as of 1:35 p.m. on the Osaka Securities Exchange today.
"We want the game console to appeal to as many people as possible, and we have said that it won't be that expensive,'' said Enoki, without elaborating.
