Iwata’s Salary Cut By 50 Percent Due To 3DS Poor Sales

News are flowing from Nintendo, confirming our earlier expectation that the 3DS won't be as successful as Nintendo used to believe.

Following yesterday's 3DS price cut announcement, Nintendo cut down its profit forecast for current fiscal year by 82% from ¥110 billion ($1.40 billion) to ¥20 billion ($254.16 million).

The company president Satoru Iwata took responsibility for the handheld's poor performance and announced during a shareholders meeting today that the company's managers - including him - are taking significant price cuts to their salaries.

"For cuts in fixed salaries, I'm taking a 50 percent cut, other representative directors are taking a 30 percent cut, and other execs are taking a 20 percent cut," said Iwata.

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The news is public because it

The news is public because it was information given at a shareholders' meeting. It is important for the shareholders to know, because it is their stock that is effected by poor sales and they have the power to oust CEOs they think are causing it. Telling the shareholders that they are all taking salary cuts is showing that they are paying for a flop they are responsible for.

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