Nintendo Wii U sales are down 36% so execs are taking a pay cut
Nintendo released their Q3 fiscal earnings report and the outlook is not stellar. The company reported an operating loss of $15 million over the 9 month period ending December 31, 2013. Revenues hit $4.8 billion, which is down 8.1% from the same period last year.
Nintendo’s operating profits were $210 million in Q3 because of the Wii U’s holiday sales. Nintendo missed their revised targets for hardware and software sales.
The company predicted 2.8 million Wii U consoles with 19 million software units sold, but they actually sold 2.41 million Wii U consoles (down 36% in the same period last year) and 15.96 million software units (19% increase over the last year). Nintendo sold 5.86 million Wii U consoles worldwide altogether.
Nintendo CEO Satoru Iwata said that he is going to take a 50% pay cut over the next five months. Several other executives are dropping their salary by 20-30%.