Iwata denies smartphone gaming biting Nintendo's market share

Despite his impassioned rant against smartphone gaming, Nintendo president and CEO Satoru Iwata maintains there's no connection between the company's grim financials and growing interest in mobiles.

“We have repeatedly investigated whether social games, as well as smartphones, are actually affecting our business. We got the same results in our latest research that there are no causal correlations," Iwata told investors at the recent financial briefing, as reported by Kotaku.

Having said this, Iwata reiterated a frequentl Nintendo warcry that cheap apps can undervalue full-priced games - unless the industry keeps its bar high.

“Naturally, consumers will choose more affordable ones if the video games we provide do not have much more value than those available for smartphones, however, no causal correlations have been confirmed because we think there are consumers who acknowledge that the value of what we offer does not equal to that of those available for smartphones and that what we offer holds unique value," he said.