Yesterday wasn’t the happiest days for Nintendo as they announced two major news items that affect the industry’s outlook on the company. First, Nintendo’s profits have fallen significantly in their first quarter versus last year’s results in the same time period and they’ve reduced their year-end profit forecast by a whopping 82%. Secondly, they announced an alarmingly quick price drop for the 3DS, knocking it down $80 to $169.99 just a few months after release.So, Nintendo’s profits are falling, their latest hardware is suffering in both unit sales and game releases, and they’ve sent a press release to fans, apologizing for losing their trust. Now we can top that off with Nintendo President Satoru Iwata announcing that he and other Nintendo executives are taking pay cuts.Iwata took part in a shareholders meeting yesterday to address the 3DS price drop and situation, and in an attempt to take responsibility for the 3DS falling below expectations, he revealed reductions in salaries for Nintendo’s higher-ups. “For cuts in fixed salaries, I’m taking a fifty percent cut, other representative directors are taking a 30 percent cut, and other execs are taking a 20 percent cut.”Other questions that were raised and answered, were that Nintendo… Read full this story
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