Nintendo Faces Financial Issues - CEO Slashes His Pay for 5 Months
Nintendo is currently facing financial issues due to the marketing sales on the Wii U and 3DS. The company expected to sell more consoles than they did, so some people are taking a pay cut to help the company push forward during this crucial time.
The unexpected financial problems that Nintendo is facing is mostly due to the fact that they had to cut their Wii U sale expectations by two-thirds. The original expected amount was 9 million, and they've had to reduce it to 2.6 million. This expectation of 2.6 million will happen during the 12-month period until March 2014.
In a recent announcement by Nintendo, their third quarter financial results concluded that they loss about $15 million for the nine months ending in this past December 31st, 2013. This is quite devastating considering how highly the Nintendo company is looked upon.
Who's taking Pay Cuts?
One of the "head honchos" in Nintendo, CEO Satoru Iwata, will cut is pay by half for the next five months. He won't be the only one, since other members of the Nintendo board will cut their pay between 20-30%. They're definitely team players by doing this voluntarily after the financial loss this past December.
Although Nintendo is facing problems at the current time, I believe they'll bounce back in no time with another hit console or game that will change the tables in their favor.
What do you think about this recent financial problem in Nintendo?