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
 
75,052 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

Samsung Galaxy Note 4 release date, price and specs 2014

IDG UK Sites

iOS 8 features wishlist: the changes iPhone and iPad users want in Apple's iOS 8

IDG UK Sites

25 Years of the World Wide Web: Happy Birthday, Intenet

IDG UK Sites

Developers get access to more Sony camera features