Shares in Nintendo have dropped by 17.7% following the Japanese gaming company admitting that the success of Pokemon Go had limited effect on its profits.

Since the launch of the app on 6 July, Nintendo shares had doubled in value, making it more valuable than Sony at one point. However, this recent drop still leaves profits 60% up on their pre-app launch value.

Most of the profits are likely to go to US-based game developers Niantic, according to South China Morning Post.

Nintendo, which owns about one-third of the Pokemon Company, warned on 22 July in a statement that impact on the company’s bottom line would be “limited”.

“Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now,” the statement read.

This comes shortly after the app introduced sponsored retail locations as an additional method of monetising the game.