"Super Mario Odyssey," coming to the Nintendo Switch in holiday 2017. Nintendo Shares in Nintendo were down 5.75% in trading on the Japanese markets by market close after the company officially unveiled the details of its newest console, the $299 Nintendo Switch.

Nintendo took a similar beating on the markets when it first teased the Switch back in October — analysts were concerned that the Switch's central gimmick, a TV console that you can disconnect and use as a portable gaming device, wasn't enough to differentiate it from the more powerful Sony PlayStation 4 and Microsoft Xbox One consoles.

Still, some analysts are a little more optimistic: In a note on Friday, Jefferies reiterated its "Buy" rating of Nintendo, saying that while the $299 price of the Switch was "not great. But its [sic] not bad either," and that the nifty concept and lineup of games like "The Legend of Zelda: Breath of the Wild" should drive demand.

Traders are already skeptical of Nintendo. The Wii U, Nintendo's latest console, was a major flop, selling only 13 million units in its five-year life span. For comparison, the original Wii sold 101 million units in its lifetime.

"Super Mario Run," the iPhone debut of Nintendo's best-known franchise, is a smash hit in terms of downloads, but that hasn't translated into long-term revenue, and the stock has suffered.

So while gamers may be excited for the Nintendo Switch, it seems that the markets have passed judgment and found the company's strategy lacking. If Nintendo can't prove them wrong, the gaming legend will be facing new shareholder pressure to change its course, and potentially even to take its focus away from building hardware at all.

Here's the chart of Nintendo's share price on Friday in Tokyo, when it held the Switch event at 1 p.m. local time, as shown: