Ouch. Tough times for Nintendo right now. I only hope that they can pull themselves out of this difficult position. I love their games, and I have a deep appreciation of, and affection for, the company and what they stand for in the gaming industry.
Update: MG Siegler’s take. MG has been a bear on Nintendo for a while, but he’s absolutely right: there is little good that can be made of this news.
Nintendo has confirmed what we knew already: its unhappy controller/console combo, the Wii U, is a flop. The company said hardware sales of the Wii U had failed to reach its target during the year-end, pushing it into a third consecutive annual loss, Reuters reports.
“We failed to reach our target for hardware sales during the year-end, when revenues are the highest,” said Nintendo’s president, Satoru Iwata, at a shareholder briefing on the sales figures.
With the Wii U failing to shift off shelves — and that despite a $50 price cut last September, to $299 — Nintendo has slashed its global sales forecast for the device for the year to March 31 by almost 70%. It said it’s expecting Wii U sales to number just 2.8 million units over that period. It also cut its sales forecast for its handheld 3DS console to 13.5 million units from 18 million.
Both Nintendo’s devices…
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