Nintendo slashes 3DS price

Just four months after the high profile launch of its 3DS handheld gaming system, Nintendo is acknowledging that it has a problem on its hands.

The video game giant announced plans Thursday to slash the price for the 3DS by one-third — from $250 to $170 — effective August 12. The move came as the company reported fiscal first quarter revenue that was more than 50 percent below the previous year and a $328 million dollar quarterly loss. It also cut its projected earnings by 82 percent.

Read more at Daily Variety