Skip to main content
  1. Tech
  2. Games
  3. Consoles

Nintendo president apologizes for dismal financial forecast, won’t resign

See also

After apologizing to shareholders during a press conference today in Osaka, Japan, Nintendo president Satoru Iwata said he would not resign despite a bleak financial forecast, according to a report today from GameSpot.

Nintendo announced today that it would be operating for the third straight annual operating loss after slashing sales projects of the Wii U by 70 percent and the 3DS by 25 percent.

“There will be no major management shake-up in the short term,” Iwata told Reuters, along with a group of other news outlets, today.

Because of the bleak sales forecasts, Nintendo expects to operate a loss come the end of its financial year in March to the tune of 35 billion yet, or roughly $335 million.

The flop of the Wii sucessor, according to one analyst, likely will trigger a sell off of Nintendo shares. You can read that full Examiner report by clicking here.

The dreary news comes just a day after market research firm NPD Group said Nintendo’s 3DS console outperformed all other consoles globally in 2013.

You can read that full Examiner report by clicking here.


Don't Miss

  • Crew
    'The Crew' preview: Ubisoft has on its hands the 'Destiny' of racing games
    Games Preview
  • Cell phone
    A bill legalizing unlocking phones has passed Congress and is expected to be signed into law
    Tech Buzz
  • Destiny
    The 'Destiny' beta: 7 things we absolutely love about Bungie's new franchise
    Games Feature
  • Cortana
    Cortana takes on Siri in a hilarious new commercial for the Windows Phone
    Tech Buzz
  • Unity Exclusive
    'Assassin's Creed Unity' exclusive: Tell the world, 'I'm coming home'
    Games Interview
  • Typing
    Is your brokerage account safe from the attacks of cyber thieves?