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You are here: Home / Panasonic (PC) Expects Record Loss Of USD10 Billion For The Year
Panasonic (PC) Expects Record Loss Of USD10 Billion For The Year
February 3, 2012
New York, February 3 (FinanceEnquiry.com) - Panasonic Corp (NYSE: PC) seems to have joined its rivals Sony Corp (NYSE: SNE) and Sharp in their struggle to save their drowning TV businesses and has announced a record annual $10.2 billion net loss. The company has painted a dismal picture for the year to March by forecasting loss of 780 billion yen ($10.24 billion), which is mainly due to writedowns for its Sanyo Electric unit and restructuring charges.
Sony announced that Kazuo Hirai will replace its CEO Howard Stringer. Its stock jumped 8 percent after the announcement on Friday. The combined losses of Panasonic, Sony and Sharp are likely to be $17 billion this year mainly due to the scathing competition from South Korea’s Samsung Electronics, the strength of the yen and low demand. Panasonic is finding it difficult to survive in the TV market, due to technological advancements that have made TVs smart-linked to other devices, such as tablets and smartphones. Moreover, it stands to lose out on its other consumer electronics products. Panasonic has brought down its forecast for the sale of flat-screen TVs 19 million sets to 18 million sets.
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