Yesterday, Nintendo released its annual results, with a large operating loss and weak Wii U sales. Nintendo president Satoru Iwata blamed the delay of some Wii U games and loss of momentum, and the company did not do a good job of explaining the console to consumers.

In a briefing for investors, Iwata admitted the company has struggled with defining the product. "We have not been able to solidly communicate the product value of Wii U to our consumers yet, which has been a grand challenge for us," he said. "Some have the misunderstanding that Wii U is just Wii with a pad for games, and others even consider Wii U GamePad as a peripheral device connectable to Wii. We feel deeply responsible for not having tried hard enough to have consumers understand the product."

Iwata also said that the intervals between first-party games has been "so much longer than we expected" in its January briefing. "Wii U has lost momentum due to the release pace of first-party titles which has not lived up to consumers' expectations," Iwata stated. "Starting with Pikmin 3 scheduled for release in the upcoming July, however, we will intensively launch our key titles to give sales momentum to the platform. As a decisive factor in buying a console is that you cannot play a much-anticipated title without the hardware, we will do our best to have you feel from this summer to the end of this year that there are plenty of great games for Wii U."

Just last night, Nintendo announced that it will forgo a large press conference this year at E3, instead opting for a smaller event that aims to give press quicker access to trying the newly-announced software.