Its news to no one that Nintendo have struggled with Wii U since it's launch late 2012. Despite some very negative publicity Nintendo have remained optimistic that they would achieve their target of selling 9m consoles Wii U in this financial year - until today.
Nintendo's finally accepted this is no longer feasible and revised its forecast for Wii U to 2.8m for 2013/14. Together with 2012/13 sales figures Nintendo seem to be expecting a total install base of 6.2m by end of March - this is significantly below Gamecube sales of 9m over its first 18 months or so.
Despite a stellar year in software (Zelda, Pokémon, Fire Emblem) the 3DS has also had its hardware sales forecast cut from 18m units to 13.5m. Not a great start for the handhelds third year on the shelves.
With revisions to its sales forecasts Nintendo has also revised it's overall financials -it had been expecting to make a small profit this financial year but is now expecting to make an operating loss of ¥35 billion (by our calculations that's a loss around £200m).
Despite the sorry financials, Nintendo fans can take some solace in the news that Iwata is promising "new research and development activities". Here at Nintendo Review we're not dwelling too much on the past but looking forward to the future projects.