Game over for Nintendo; sales projections plummet
Posted July 31, 2011 12:51 pm.
This article is more than 5 years old.
It’s trouble in paradise for one of the giants of the video game world.
Nintendo has seen its sales plummet this year, so much so that they have cut their yearly sales projections by over 80 per cent.
A big part of reason is the poor sales of their new handheld console, the Nintendo 3DS.
Nintendo President Satoru Iwata is reportedly taking full responsibility for the failing system and will be taking a 50 per cent pay cut to compensate for low sales figures.
As a result, Nintendo’s stock has been falling quickly.
Former Nintendo president Hiroshi Yamauchi lost over $500 million in one day.
However, Yamauchi is still Japan’s third-richest man, worth over $4.2 billion.
