Nintendo's Satoru Iwata announced he will slash his pay in half following a 30 percent slump in profit over the nine-month fiscal period ending Dec. 31, 2013.

Speaking to reporters, the Nintendo president said he will receive a reduced salary for five months in the wake of the third quarter results. Other Nintendo executives will take a pay cut between 20 and 30 percent.

Earlier this month, the company announced its expectations for a third consecutive annual operating loss after previously forecasting its return to profit. The company expects to lose 33.4 billion yen for the final quarter of the year, with a total operating loss of 35 billion yen ($355 million) for 2013.

Nintendo's third quarter financial results were revealed today, showing an operating loss of just over $15 million following dismal sales of the Wii U.