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I don't know how Nintendo's financials look right now, but it really doesn't matter how much Nintendo made with the Wii if their current system is losing them millions. As a business, you can't rely on past successes to cover up for a present liability -- investors won't be satisfied and using your reserves could mean the inability to pay off debt in the future. Maybe the 3DS will keep them afloat, but until we know how much money they're losing and have lost on the Wii U and how much profit the 3DS is making -- it isn't unreasonable to be unsure about Nintendo's future. Sony's situation is much much much worse than that. Microsoft is the only one truly in a good position.