Nintendo President: I Will Not Resign

After announcing that the company had lowered its fiscal year forecast dramatically, Nintendo president Satoru Iwata apologized to investors for the expected third consecutive annual loss, but said he would not resign or initiate any kind of "immediate management restructuring."

According to Reuters, Iwata told reporters that "There will be no major management shake-up in the short term."

Iwata also said that he feels responsible for the company's poor financial performance and that it is important to find a way to kickstart its business as soon as possible. But how Nintendo plans on doing that is unknown at this time.

Iwata also said that, while the Nintendo 3DS performed strongly in the Japanese market, the company did not hit its international sales targets. At the same press conference Iwata downgraded fiscal year profits downward to a loss and downgraded sales estimates for both the Wii U and 3DS.

You can read about that and the new numbers Nintendo has put forward in this story.

We will have more on this story as it develops.

Source: Polygon

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