Earlier today, Mr. Iwata held a press conference to apologize to investors and talk a little more about this morning’s news.

We cannot continue a business without winning. We must take a skeptical approach whether we can still simply make game players, offer them in the same way as in the past for 20,000 yen or 30,000 yen, and sell titles for a couple of thousand yen each.”

“We are thinking about a new business structure. Given the expansion of smart devices, we are naturally studying how smart devices can be used to grow the game-player business. It’s not as simple as enabling Mario to move on a smartphone.

Iwata also cleared up rumors that he doesn’t plan on stepping down or making any changes to the Nintendo executive team, anytime soon.