We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
 
74,953 News Articles

Nintendo President Cuts Salary in Half

Nintendo is stumbling somewhat. On Thursday, the company reported a second quarter net loss of $324 million, its worst profit margin in 27 years.

Following this news, Nintendo president Satoru Iwata has announced that he is cutting his own salary by 50%, with company directors and executives agreeing to 30% and 20% pay cuts respectively.

This decision to cut the pay of key staff by a considerable proportion when coupled with the drastically-slashed price of the 3DS suggests the company is expecting tough times ahead. But Iwata claims at least part of the reason the 3DS' price has dropped so soon is due to their experiences with the Gamecube -- a machine which he believes underperformed because of Nintendo's stubbornness to cut its recommended retail price until it was far too late.

Bloomberg reports Nintendo's stock fell by 12% yesterday, its biggest drop since January of 2009.

Thanks, MCV.

This article originally appeared on GamePro.com as Nintendo President Cuts Salary in Half


IDG UK Sites

Netflix to introduce price increase: New subcribers to start with

IDG UK Sites

Apple financial results: iPhones, iPads & Macs sales for Apple's Q2 2014, plus shares to split

IDG UK Sites

Twitter - not news

IDG UK Sites

See Moo Studios' new animated advert for Blue Moon beer