I think (as has been previously stated) that this is a symptom of the problem, rather than the cause. It's not uncommon for a manufacturer to have more than one marketing misstep in a year and have it reflect on their earnings.
The nice folks at Nikon introduced the D800, the D600 and the Nikon 1 in relatively short order. And not all of these have been hits.
The D800 was arguably a 'win'. I wanted one, but decided a second-hand D700 was good enough. The D800 is literally more than I needed, or even wanted. And it seems there were at least a few quality issues with it. Still, I suspect they sold a lot of them. Here Nikon had the right answer for a D700 user who wanted more.
The Nikon 1 family was not the hit it could have been. I wanted a Nikon 1 V1 until I saw the price (liked the EVF if only for the novelty). If the discounting is any indication, I think a LOT of potential customers balked. At 10MP, with no built-in flash, for an initial price of over $500, it was a non-starter for me. I was in the market for a new point-and-shoot when the V1 prices started to fall, and I still ended up getting a Canon G15. Sorry Nikon, but I like Canon's products in this space, although the Coolpix 7700 is nice.
I think the D600 probably should have been the D400 (the next-gen DX instead of an entry-level FX), because there are plenty of serious amateur and even pro users with investment in DX lenses. I would have very seriously considered a DX camera with better low-noise performance and pro-level durability, instead of getting into FX.
If Nikon wanted a lower entry point into FX, they could have simply made a D700s and lowered the price (I would have almost certainly bought one).
I would have thought that Nikon would have wanted to preserve a leadership position in the APS-C space with a pro-grade-build DX camera (D300s successor), and not tried to consumerize the FX tier. These seem to be the segments they worked to create and now they're kind of blurring the lines. I guess they feel they have to shake it up every now and then.
As it is, I'm happy with what I have now. But I bet Nikon isn't.