JAPANESE VIDEO GAME OUTFIT Nintendo posted its consolidated financial results for the calendar fourth quarter of 2013 on Tuesday, and they are just as grim as the company warned.
Nintendo admitted that as it expected, Wii U sales totaled just 2.8 million in 2013, despite the firm previously having expected to shift nine million, taking total sales of the Wii U to 5.86 million. Perhaps rubbing salt into the company's wounds is that fact that this figure means that it sold fewer Wii U consoles during all of last year than the number of Xbox One and PS4 consoles that were shifted in just two months.
Thanks to poor sales of its latest games console, Nintendo posted an operating loss of 1.58bn Yen, or £8.78m, for the period. The firm expects things to get steadily worse as well, with the Japanese gaming giant revealing that by the end of March 2014 its losses likely will sink to 35bn Yen, or over £205m.
Nintendo's president and other executives at the company said that they will take a pay cut for five months starting in February to take responsibility for the poor performance.
It's not all bad news for Nintendo though, as sales of its 3DS and 2DS handheld devices remained healthy. The firm sold 11.65 million 3DS consoles during April and December, taking total sales of the handheld to 42.74 million. It also managed to shift 2.11 million 2DS consoles over the holiday period.
Rumours last week had claimed that, in a bid to claw back some cash, Nintendo was considering bringing its popular games such as Mario Kart to iOS and Android devices. However, the firm has since denied the rumours.
Instead, the company must be hoping that its release of Mario Kart 8, which is tipped to hit UK shelves on 25 April, will boost sales of its Wii U console. µ
Plus the cost of ambition as moonshots eat into the coffers
Spoiler alert: it's probably VeriSign
Did we say cuts off? We meant traps them inside their own home