Nintendo slashed prices for its handheld 3DS device yesterday morning, and the company executives have owned up to the commercial shortcomings of the device. Nintendo’s company president Saturo Iwata has announced that he and other highly compensated members of Nintendo’s corporate structure will see less pay as a result of the company hardships. Iwata addressed investors and explained the company’s plan to lift 3DS sales into the holiday season, as well as keep developers working on new projects for the device.
Iwata will see a fifty percent reduction in his current salary, and other company directors will cuts in the 30% to 20% range.
At the current price point, Nintendo projects that it will be losing money on each 3DS sold in the near future. However, as the economics of manufacturing goes, these costs will likely lessen with time and more output.