"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."

Source: http://mynintendonews.com/2014/01/17/satoru-iwata-says-he-will-continue-as-president-and-restore-nintendos-business-momentum/

Lock if re posted.

I hope Iwata turns beast mode ON, because he needs to go bersek this year, do EVERYTHING he can!

If he said it in all caps, I believe him.

No, he won't. I don't believe in Iwata anymore. Just because Wii/DS was the best combo ever, does not mean Wii U/3DS will do the same. Nintendo need someone with no fear of market.

He'd better roll up his sleeves and sort this mess out.

ipad did a horrible job spacing this, will fix.

Let's hope for his sake he turns some of this around, but I'm doubtful under current leadership.

the sooner he is removed the better.

wiiU and 3DS's fate is sealed already. but nintendo is in progress on hardware for the next generation and there is probably still time to ensure iwata's current mistakes are reversed instead of letting them haunt nintendo for an additional 5+ years.

I much rather Iwata stay than an inexperienced phoney who'll ruin Nintendo's hardware business take his place.
It's gonna be a tough ride Iwata, but hopefully Yamauchi didn't chose you for nothing.

With this heavy reality check, he should be able to see the past errors and turn things around to reroute Nintendo to better seas.

From a selfish gamer perspective, I'd like to see a re-focus on high-end hardware and core games. Buy some good developers and make a gamer's game system. Something N64ish.... though I never bought that.