The lights are on
In an investor relations presentation, Nintendo President Satoru Iwata outlines the problems facing the Wii U, stating he feels "greatly accountable" for the impact the console has had on his company's bottom line.
In the presentation, Iwata states that it takes consumers longer to understand the appeal of the Wii U than it did for the Wii, which has led to slower sales. "...those who purchased [the Wii U], although there are issues to be addressed, have shown a certain degree of satisfaction with our product value, but since its value by nature is something that takes time to appreciate and hence cannot be spread amongst society instantly, we have yet to communicate its value to the wider public."
That lack of communication has led to slower than expected sales, which Iwata takes full responsibility for. "As [Nintendo senior managing director] Yoshihiro Mori has already briefed you on our forecast for this fiscal year, you are aware that we cannot help posting operating losses for two consecutive fiscal years. We feel greatly accountable for this severe outlook."
Iwata goes on to outline his goal for achieving a 100 billion yen operating profit for the next fiscal year; failure to meet that goal may very well lead to Iwata resigning from his position as president of the company.
The full presentation is available at Nintendo's investor relations site.
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