At Nintendo's recent financial results conference, Nintendo president Satoru Iwata stated that there was no need to follow the current industry trend of releasing a new console every four to five years. According to Iwata, "as we continue our research and study for new hardware, when we will be able to launch a new kind of hardware will actually depend on when we can change entertainment completely, and so have a strong impact on people around the world." In response to the current trend, Iwata said that "scheduling for a rather fixed launch date 4 years from today, regardless of future changes in the industry and the market, appears to be too inflexible an approach to us," "Also, since Nintendo's hardware engineers and software creators are always communicating closely, only when both teams agree that it is time to challenge the market with new hardware that we will launch it. So, it is not a correct observation that we are having any trouble deciding on the launch timing of the next hardware." Iwata also denied rumors of a new DS. "We are not suffering from the shortage of new ideas for DS. I heard that some of the attendees to our October 10th conference were expecting to hear about a new portable machine announcement, but we never had that kind of notion in the first place,"