Nintendo has reported its third quarter sales earnings, and the results are pretty grim.

The company has posted an almost 30 percent decrease in profit compared to this same time in 2013.

Polygon reports that president Satoru Iwata and other high ranking executives will be taking temporary pay cuts until June. Iwata will reduce his salary by half, while others execs will get hit with  a 20 to 30 percent cut.

The sales report projected the company to lose 33.4 billion yen for the final quarter of 2013. This puts Nintendo at an operating loss of  with a total operating loss of 35 billion yen ($355 million) for the fiscal year of 2013.

Speculation about Nintendo diversifying into the mobile market have been contradictory at best, but the company has plans for a press release this Thursday. Watch this space for developments.

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(via AFP, Nintendo)