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It's not game over but they've never been closer to it than right now.
At the time N64 and GC were declining in sales they could count on the growing handled market and they had a very strong reputation in the gaming community.
Right now, both home consoles and handleds are at minimun records, plus with 3DS and WiiU they did a lot to damage their reputation, even within the Nintendo fans community (not to mention their struggle with the developers community).
It's going to be an uphill battle from now on if they want to survive as hardware manifacturers.