PixlBit

The company compares profits from 2009 to 2008, and what may have caused the decrease.

Today the latest Nintendo profit earnings were released, and the numbers were a bit astonishing.

According to the figures, Nintendo's profit earnings have declined 58.6% from where they were during this time last year, decreasing from 252,183 to 104,360 million yen. While there was a small increase during the Wii price drop, sales have continued to decline since.

At a press conference in Osaka earlier today, Nintendo President Satoru Iwata attributed the lack of Wii sales to being "unable to continually release strong software" and as such, Nintendo effectively let "the nice mood cool."

As the press conference continued Iwata went on to explain, "We were unable to show a new game to become 'the next thing.' In the game market, once you've lost the momentum, it takes time to recover."

Despite the slow decline in Wii sales, Iwata is confident that the Wii will start climbing the financial ladder once again thanks to the September price drop. Nintendo has put forth a new 20 million Wii unit goal, and Iwata commented, "In order to reach it, we'll have to move quite a large quantity, but it's a figure we released after having felt the momentum returning."