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Nintendo President: 'We Have Scuttled New Hardware'
CNBC.com | June 03, 2009 | 10:57 AM EDT

In its two-month history, the Nintendo DSi has already sold more than 1 million units. It is, by any definition, a runaway hit in the video game industry. But it wasn’t the company’s first effort at extending its lead in the handheld marketplace.

Nintendo’s global president Satoru Iwata says the company did have another handheld gaming system complete at one point in the past three years, but ultimately decided not to release it.

And it’s not the first time the company has had completed hardware that it ultimately decided to scuttle.

“In the history of Nintendo , there are several such examples," he says. "But when we are launching new hardware, the most important is thing is to sustain the momentum. If introducing new hardware won’t do anything to do that, well…"

Iwata declined to give any details about the recent cancelled product.

Fortunately for Nintendo, the company can afford to blow a few R&D dollars these days. The DSi is setting sales records and the Wii is the industry’s top selling console. Wii sales have been falling sharply over the last several months, though, leading the CEO of Gamestop and other industry insiders to express interest in a price cut by Nintendo.

Iwata, though, says that’s not likely to happen soon.

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