Investors reportedly cut more than $1 billion from Nintendo's stock market value on Wednesday after the company revealed that Animal Crossing: New Horizons won't come out until March 2020.

Its E3 Direct livestream also failed to address game streaming trends or hint at new Switch models.

Shares in Nintendo closed 3.5% lower in Tokyo, according to the Financial Times, following the Tuesday announcement suggesting that the company's holiday 2019 offering will be slim.

Google and Microsoft used E3 to push their gaming streaming plans, but Nintendo focused heavily on its upcoming games.

An analyst wondered why the market didn't react favorably to Nintendo's surprise announcement that The Legend of Zelda: Breath of the Wild, its beloved 2017 Switch launch game, is getting a sequel.

Nintendo didn't immediately respond to a request for comment.

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