Nintendo to cut staff bonuses by 20%

Poor sales performance has led to Nintendo cutting its employee's summer bonuses by 20% this year, the Japanese business daily Nikkei reported.

Poor sales performance has led to Nintendo cutting its employees' summer bonuses by 20% this year, the Japanese business daily Nikkei reported.

The Japanese developer and published reported its first ever annual loss in April with a net loss of $532 million in the 2011-2012 fiscal year. Weak sales of consoles and the dramatic price cut of the 3DS were to blame for much of the financial loss.

The company has also reduced executive compensation from last year.