Nintendo announced on Friday that it would be cutting its projections for Wii U sales for its fiscal year, which ends on March 31.

According to a report from Reuters, the forecast for sales has been cut 70 percent, down to 2.8 million units from an initial estimate of 9 million.

Underwhelming sales of the Wii U and slightly less than expected sales of the 3DS (which didn't stop it from becoming the year's best-selling platform in the U.S. last year) has led Nintendo to take its third annual consecutive loss. This fiscal year, Nintendo expects an operating loss of 35 billion yen, or approximately $335.76 million.

Despite the losses, there won't be any immediate change in management.

"There will be no management shake-up in the short term," Nintendo president Satoru Iwata told reporters on Friday. 

Comparatively, Nintendo's previous console, the Wii, has sold over 100 million consoles worldwide to date.

You can read Nintendo's statement about its financial forecast modifications here.

RELATED: 15 Ways Nintendo Can Save the Wii U

RELATED: China Lifts Ban on PlayStation 4, Xbox One, Wii U

[Via Reuters]