Nintendo slashes employee bonuses following first annual losses - report
: Nintendo plans to cut the summer bonuses of its employees following the company's first ever annual losses, according to media reports.
According to Japanese newspaper Nikkei, and as reported by
Reuters, Nintendo is set to reduce all employee bonuses this summer by 20 percent as a result of its weak business performance. The move echoes pay cuts taken by Nintendo executives last year
, after the company's expected financial forecast was reduced.
In April, the company posted
revenues of 647.7 billion yen ($8.0 billion), down 36.2 percent compared to 1 trillion yen ($12.3 billion) year-over-year, and losses were 43.2 billion yen ($532.2 million), compared to last year's profits of 77.6 billion yen ($956.0 million).