Nintendo President Iwata Apologises for Company's Poor Performance

By Alastair Stevenson on October 28, 2011, 8:27AM EDT

Following the release of its quarterly financial statement Nintendo's president Satoru Iwata has issued an apology to investors for the company's ongoing poor performance.

The apology followed the revelation that Nintendo had recorded a £578 million loss for the six months ending 30 September. "I feel greatly accountable for missing our financial forecast for the half year ended September and revising downward our forecast for the full year," Iwata commented to investors.

In his apology Iwata went on to once again cite the under-performance of the company's 3DS handheld. "As the worldwide number of pre-orders indicated, the Nintendo 3DS had high expectations from consumers as well as market and industry players. However, the actual sales after the launch did not meet the expectations.

"[B]ased on the judgment that we could not get it back to its originally-anticipated sales pace as a sound successor to the Nintendo DS unless we took action, we made an immediate decision and announced the price markdown around three months ago, at the same time of the announcement of financial results in late July."

Iwata's latest apology follows his previous pledge to take a 50 per cent pay cut to alleviate Nintendo's immediate financial pressure earlier in the year.

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