Nintendo president: I won't resign

During a press conference today in Osaka, Nintendo president Satoru Iwata apologized to shareholders for what is expected to be the company's third straight annual operating loss, but made clear that he will not resign as a result.

"There will be no major management shake-up in the short term," Iwata told a group of reporters (via Reuters).

Earlier today, Nintendo slashed its global fiscal year Wii U sales forecast by nearly 70 percent to 2.8 million units and cut 3DS sales projections from 18 million units to 13.5 million for the period ending March 31, 2014.

The company also downwardly revised its overall sales forecast by a third and announced it expects to post an overall loss of 25 billion yen for the year.

The Wii U, which has sold 3.91 million units worldwide as of September 30, is Nintendo's successor to the hugely popular Wii. That console launched in 2006 has sold over 100 million units to date, making it one of the best-selling home systems in history.

Nintendo said previously that it has failed to establish the Wii U as a worth successor to the Wii. The system's 2014 lineup includes games like Mario Kart 8 and a new Super Smash Bros. game, which would conceivably spur system sales. An all-new Legend of Zelda game is also coming to the Wii U.

Nintendo will provide more information about its short- and mid-term prospects as part of its upcoming earnings report on January 29. More information is also expected a day later during the company's Corporate Management Policy Briefing on January 30.