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News   Nintendo In To Stay
- Posted By Eric Tajchman, 01.23.2003

Perhaps the most aggressive definite stance Nintendo has taken towards its fiscal outlook, as well as its position in the current video game market, Nintendo president Satoru Iwata reiterated the company's stance in the video game market, as well as mentioning the expected release of the GameCube's home console successor in 2005.

Iwata also acknowledged the slash in their 2002/2003 fiscal profit forecast by 11 percent to 80 billion Yen (about $670 million). He noted however that the strong Yen and the Tokyo stock market's overall decline this season were large contributing factors to the cut and the company's current stock price of 10,900 Yen (the lowest it's been in 4 years).

However, Iwata stressed the upcoming year as a major step towards growth, as the company plans on attracting more third-party support for the GameCube, as well as creating more game utilizing the GameCube/Game Boy Advance Link System. He also denied some analyst's forecast that Nintendo will end up reverting to a third-party status as was the case with Sega a year ago.

Quote president Iwata, "When we withdraw from the home game console, that's when we withdraw from the video game business."

Source: Reuters