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

Satoru Iwata, Global President, Nintendo Co., Ltd., speaks during a news conference after the unveiling of the new game console Wii U at the Electronic Entertainment Expo on June 7, 2011 in Los Angeles.
Satoru Iwata, Global President, Nintendo Co., Ltd., speaks during a news conference after the unveiling of the new game console Wii U at the Electronic Entertainment Expo on June 7, 2011 in Los Angeles.Photo by Kevork Djansezian/Getty Images

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.