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In a huge surprise to no one, Nintendo has had to lower its sales projections for the fiscal year from 9 million to 2.8 million. President Satoru Iwata offered the following statement in regards to Nintendo's latest earnings' report:
Wii U sales, on the other hand, showed some progress in the year-end sales season as we released various compelling titles from the summer onwards, launched hardware bundles at affordable price points and also performed a markdown of the hardware in the U.S. and European markets; however, they fell short of our targeted recovery by a large margin.
In particular, sales in the U.S. and European markets in which we entered the year-end sales season with a hardware markdown were significantly lower than our original forecasts, with both hardware and software sales experiencing a huge gap from their targets. In addition, we did not assume at the beginning of the fiscal year that we would perform a markdown for the Wii U hardware in the U.S. and European markets. This was also one of the reasons for lower sales and profit estimates.
What is surprising is that the 3DS also underperformed. Nintendo has been forced to lower the sales projections of the handheld as well, from 18 million to 13.5 million. Iwata blames hardware sales outside of Japan for this slump.
"Nintendo 3DS did not reach our sales targets in the overseas markets, and we were ultimately unable to achieve our goal of providing a massive sales boost to Nintendo 3DS in the year-end sales season," he explained.
"Using the U.S. market as an example, Nintendo 3DS became the top-selling platform in the last calendar year, according to NPD, an independent market research company, with its cumulative sales exceeding 11.5 million units; however, the estimated annual sales of the Nintendo 3DS hardware remain significantly lower than our initial forecast at the beginning of the fiscal year."
Despite these poor reports, Iwata announced that he will not be resigning. More specifically, he said that "there will be no major management shake-up in the short term." It's possible that Iwata is delaying the inevitable, or Nintendo is really hoping the upcoming Super Smash Bros. game will really turn things around.
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