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Satoru Iwata will not resign as head of Nintendo despite their third straight annual loss

Nintendo has been in tighter spots

Let's face it, Nintendo has been struggling of late. They clung onto the Wii for too long and the weak reception of the Wii U has made matters worse.

Still president Satoru Iwata is remaining stoic in the face of these troubled times at Nintendo. He has ruled out any major high-level management shake-ups any time soon for the company."There will be no major management shake-up in the short term," Iwata-san told reporters after the company revised down their financial outlook for the current financial year from a 100 billion YEN (958 million USD) profit to a 35 billion YEN (335 million USD) loss.

"In addition,” Iwata-san explained to investors, “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.” Satoru Iwata will not resign as head of Nintendo despite their third straight annual loss

He added, “We therefore modified our unit sales estimates in accordance with our performance in the year-end sales season and after the turn of the year, and the drop in software sales had the largest negative effect on our profit forecasts."

It's not all bad news for Nintendo though as the 3DS continues to go from strength-to-strength. The Wii U has begun to pick up too with help from titles like the gorgeous Legend Of Zelda: Wind Waker HD. Besides, they've been here before with a struggling GameCube and then they bounced back with the Wii. I wouldn't count out Iwata-san or Miyamoto-san just yet.

Thanks Polygon.

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