Think you’re confused by the Pokémon Go phenomenon? Not as confused as Nintendo investors.
Shares of the Japanese company fell by nearly 18 percent on Monday, a roughly $6.4 billion drop, after Nintendo told investors that the viral mobile game would have a "limited" impact on its business. Investors sent Nintendo’s stock soaring last week when the game first arrived.
At issue here is how much Nintendo profits from the game, which nets cash from in-app purchases and local advertising (to come). In a note, Nintendo reminded investors that Niantic, the startup spun out of Google last year, develops the game and pays a licensing fee to the Pokémon Company — and Nintendo only owns 32 percent of the Pokémon Company.
The note did not share how much that licensing fee is (and neither has Niantic), keeping the business structure of the red-hot game still in the dark.
Despite the Monday drop, Nintendo’s stock is up around 67 percent from last month.
This article originally appeared on Recode.net.