"Satoru Iwata has remained adamant that he will see Nintendo through its financial crisis by continuing as the company’s president after its 2013-14 fiscal sales predictions fell short. Earlier today, Nintendo announced it had lowered its sales forecast for the Wii U and 3DS hardware and software, bringing its fiscal year predictions down from 9 million units to 2.8 million units for the Wii U and 18 million units to 13.5 million units for the 3DS.
But in a press conference today, as Nikkei reports, Iwata apologised to the company’s shareholders saying that he felt responsible for Nintendo’s poor business performance. However, he also reiterated that he would not resign, saying that the most important action was to restore business momentum as soon as possible.
In a press release published on Nintendo Japan’s website, Satoru Iwata explained that the company would post an ordinary income despite posting an operating loss, however, the CEO then said due to reversing deferred tax assets from losses carried over in previous fiscal years – mainly from the US – Nintendo expects to post a net loss of 25 billion yen against an initial projected income of 55 billion yen.
Nintendo is due to announce its third quarter 2013-14 fiscal year results on January 29, followed by an investor’s meeting on January 30, so we shall hear more on the company’s short-term and mid-term plans then. Now the news has had some time to digest, let us know how you feel about Iwata’s statement and Nintendo’s current position in the comments below."
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