Andre Yoskowitz
4 Nov 2012 16:43
On the same day that Sharp announced 'ongoing concerns' for its ability to keep running, Panasonic made a similarly horrible announcement, stating it expects to lose $10 billion for the fiscal year.
The company will write off billions of dollars as it clears out its mobile and energy divisions completely. Shares of the company fell to 30 year lows.
Last year, the company lost $9.8 billion and the new forecast has the company losing $9.6 billion this fiscal year, which ends on March 30th. Over the last five year (including this forecast), the company has lost a staggering $25 billion.
Panasonic's own new president, Kazuhiro Tsuga, had this to say: "It's unfortunate, but we are among the losers in consumer electronics."
The company has fired 36,000 employees over last two years and will very quickly need to find a way to unwind its dying TV business.