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Of course it won't be discontinued. A company would only do it with a console/handheld if they decide to leave the market like Sega. If 3DS and Wii U had flopped, then maybe they would be forced to leave, but even then I think Nintendo would survive (now, two gens in a row with both flopping would be to much).

Let's say Wii U does GameCube sales level (that's pretty much the worst case). Then, Nintendo will probably launch a successor in 2017-2019 and discontinue Wii U a year latter.

So it is secure. About sales, I don't see it improving a lot. The launch of both competitors with tons of AAA exclusives and massive third party launches with a lot of advertisement and stealing all media attention will probably kill any chance to reach higher sales.