Iwata began by saying he feels "greatly accountable for missing our financial forecast for the half year ended September and revising downward our forecast for the full year".
He also blamed both the lack of "continuing sales of first party support" and said that 'in the course of preparation of the next platform, could we release new key titles for the existing platform in a timely fashion due to completion delays until the latter half of this year".
Sales of the 3DS weren't up to scratch, he acknowledged. "The Nintendo 3DS, our new platform launched this year, had high expectations from consumers as well as market and industry players. However, the actual sales after the launch did not meet the expectations."
So how does Nintendo plan to turn things around? Iwata said the company is hoping to bring back 'avid game fans' to its platforms and will also work on new genres to bring non-gamers to the 3DS as it had done in the past with titles like Brain Training on the original DS.
Despite the loss of momentum in the first half of the year, Iwata thinks the recent 3DS price drop will get things moving again. He also promised a "solid software lineup" for Christmas from Nintendo, including Super Mario 3D Land and Mario Kart 7, plus a "continuous stream of expected titles from third party developers" throughout next year.
Will this be enough to save the 3DS in gamers' affections and restore Nintendo's fortunes? Let us know what you think in the comments field below.