Nintendo have confirmed that their next-generation console, the Wii U, will be released in the next fiscal year, which commences in April 2012.

The final version of the console will be displayed at June's E3 conference in Los Angeles, suggesting that - as predicted - the intention is to get the Wii U released in time for Christmas.

Nintendo president Satoru Iwata told Network World: "Based on the bitter experiences we have had with the Nintendo 3DS, we are making every effort to prepare so that the Wii U will not stumble during its launch."

This announcement comes in the wake of the gaming giants posting huge losses for the last financial quarter, partly based on poor sales - and a subsequent price drop - of their 3DS hand held console.

Forty years of games consoles...