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Nintendo Profit Plunges 30% On Wii Woes

January 29, 2014

The slump was blamed on poor sales of the Wii U console as gamers flock to the Microsoft Xbox One and Sony PlayStation 4. Company president Satoru Iwata said he would slash his salary for five months to atone for the firm's woes. He said other directors would see their pay cut by an average of 25% in the same period. Nintendo's announcement comes shortly after it warned of making a loss and a drastically reduced its forecast for full-year sales. It said earnings reached 60m in the nine months to December, with revenue down 8.1% at 290m. The company's operating loss in the period was 9.2m. Nintendo owns the Donkey Kong and Super Mario brands and its shares have dropped more than 11% in a month. The plunge started after it reassessed the Wii U sales forecast from 9 million consoles to 2.8 million for the year. Experts have slammed the new system's limited game selection, preferring the additional features available on competitors' products. :: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202. Related Story Nintendo Shares Slide As Wii U Sales Collapse

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Source: Sky News (UK)

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