Iwata Takes Pay Cut as Nintendo Profits Fall

Nintendo's nine-month financials are in, revealing that both the company's revenues and profits took a considerable dip. Revenues are down 8.1 percent from last year at $4.8 billion, and profits dropped to $96.7 million, a 30 percent decline.

As such, Nintendo president and CEO Satoru Iwata has taken a 50 percent pay cut for the next five months. In addition, members of the board are taking 20 to 30 percent cuts in pay as well.

Sadly, just 2.41 million Wii U consoles have been sold since April 2013. Compared to the year prior, that's 3 million less consoles, which is all the more disheartening when considering the slowly growing library, price cut, and release of Super Mario 3D World.

Nintendo plans to hold an investor meeting tomorrow where we'll likely hear more on how it plans to remedy the company's current issues.

[AFP]