Nintendo has purchased stock in Dwango Co., the parent company of Japanese mobile video content platform Nico Nico Douga, Business Week reported yesterday.

Before you spread news of Nintendo finally venturing into smartphones however, know that Nintendo spokesperson Yasuhiro Minagawa has stated that the company is not planning to use the service to distribute games. Minagawa explained that the purchase was made at the request of Dwango's chairman, Nobuo Kawakami.

Nintendo's stock prices rose by 5.15 percent after the purchase, the highest they've been since the month of August. The bump in stock prices follows Nintendo's call with investors last month, during which Nintendo stated that the Wii U "still has a negative impact" on their profits. During the same call, Nintendo reported an operating loss of 23.3 billion yen ($236 million) due to advertising initiatives and research and development for Wii U software.

This article was originally published on Joystiq.

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