Nintendo’s President Satoru Iwata announced that he will cut his salary in half after the company recorded a tumble in profits.
According to AFP, Satoru will receive half of his usual salary for the next five months, while Nintendo board members will receive a 20 to 30 percent cut in their salaries.
The Japanese gaming console titan’s revenues dipped by 8.1 percent during the last nine months of 2013 following sluggish demand for the Wii U games console amid fierce competition from Microsoft’s Xbox One console and Sony’s Playstation 4.
Nintendo’s grim forecast is especially disappointing for a company that scratched its way back to profitability last year thanks to a sharply weaker yen. It has previously blamed weak earnings partly on high development and marketing costs for the Wii U, launched in late 2012, although sales of its 3DS handheld console and related game titles fared better. It cut prices on both consoles to boost sales.
Rumor is that Nintendo is planning on making a move into the smartphone industry to compensate.