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.
August 1, 2011 - 9:15am