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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  1. 0
    ZippyDSMlee says:

    Meh the WII U dose not set itself apart from the WII enough, the Screen pad is not a great design and Nintendo released it to early. Know wonder its not doing so well.

  2. 0
    Sleaker says:

    well, Nintendo is at a 5 year low it looks like (or really close) their stock went up a lot during the period of DSlite and Wii releases, but has curbed back down pretty harshly.  It may be a good time to invest in them, or they may continue to make horrible marketing decisions that result in yoy losses.  Either way, I'd be unhappy with Iwata's performance at this point, especially given that only 3 of his 12 years have resulted in good profitability and stocks doing well. It's been a downward slide ever since the 2009.

  3. 0
    lordlundar says:

    The failure of the uDraw wasn't the design, it was the marketing (or lack therof). It was rare that you actually came across someone who actually knew about the uDraw before it was deemed a failure. There was no promotional work, no advertising, no viral marketing, nothing. Hardly anyone knew it even existed and most of those that did were the ones working on it. I wouldn't even be surprised if there employees at Ubisoft who said "what's the uDraw?"

  4. 0
    Neo_DrKefka says:

    I think we all LIKE Iwata but he is not doing enough to advance the company. After the failure of the uDraw I still do not understand why they went ahead with the WiiU.

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