Iwata apology after Nintendo posts loss

Iwata apology after Nintendo posts loss

By Ben Parfitt

October 28th 2011 at 11:17AM

3DS manufacturer now anticipates first annual loss in thirty years

Nintendo president Satoru Iwata has apologised to investors for the poor financials posted by the company yesterday.

The 3DS manufacturer reported a loss of £578m for the six months ending September 30th.

“I feel greatly accountable for missing our financial forecast for the half year ended September and revising downward our forecast for the full year," the exec admitted.

“As the worldwide number of pre-orders indicated, the Nintendo 3DS had high expectations from consumers as well as market and industry players. However, the actual sales after the launch did not meet the expectations, and based on the judgment that we could not get it back to its originally-anticipated sales pace as a sound successor to the Nintendo DS unless we took action, we made an immediate decision and announced the price markdown around three months ago, at the same time of the announcement of financial results in late July.”

Iwata, nonetheless, is optimistic for the future of the 3D handheld.

Further analysis can be found at Develop's sister site MCV