Nintendo’s President, Satoru Iwata has confirmed that Nintendo is no longer making a profit off of the handheld 3DS and as a result him and other top Nintendo Executive were given a pay cut to the tune of half their current salary.  Iwata’s confirmation comes just days after rumors began swirling that the handheld king was quickly losing money as the 3DS’s price drop was announced.

“First, since the launch of Nintendo 3DS, one of the things we have learned is that it has taken longer than we had originally expected in order for the appeal of this product to widely spread,” Iwata stated while speaking to investors.  He later added,” I feel greatly accountable for having to make the markdown shortly after the launch, for having damaged our consumers’ trust, for having made a significant impact upon the financial forecasts, for the annual dividend now being expected to be significantly less than originally expected and for now forecasting that there will be no interim dividend.”

Did Nintendo jump the gun with 3D software thinking it would be an instant hit or was the 3DS over priced in the first place?

via 1up

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I respect that a lot. He came right out and took the blame and the suits took the salary cuts. Sure wish that happened over here.

I salute you, Iwata.

^ Indeed PK . No blame shifting there. Unheard of normally.

I respect that a lot. He came right out and took the blame and the suits took the salary cuts. Sure wish that happened over here.

I salute you, Iwata.

Indeed. Wish more would learn by his example.