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Tuesday 16 September 2014

Nintendo boss halves pay after profits plunge

Published 29/01/2014 | 12:48

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Satoru Iwata, President of Nintendo, delivers a speech during the Nintendo E3 media briefing at the Kodak Theater in Hollywood, California, on July 15, 2008. Photo: Getty Images

THE head of games giant Nintendo has vowed to slash his salary in half after the company announced a 30pc slide in profits for the third quarter.

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Nintendo also announced an operating loss of 1.58bn yen (€11.3m).

President Satoru Iwata announced he would take a cut in salary for five months as a result while other board members will take cuts of between 20pc and 30pc.

Weaker-than-expected Wii U console sales competing with cheaper downloads was the main reason for drop.

"Nintendo released key first-party titles such as 'The Legend of Zelda: The Wind Waker HD', 'Wii Party U' and 'Super Mario 3D World' from the summer toward the year-end sales season," it said in its earnings statement.

"While these titles each sold over one million units, the Wii U business as a whole was not able to recover fully, and the global sales of the Wii U hardware and software reached only 2.41 million and 15.96 million units respectively."

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