Panasonic to lose nearly $10 billion this year

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.TweetMore newsNBC sites temporarily defaced by hackersPreviousNextRelated newsLG settles LED patent dispute with SiemenNBC sites temporarily defaced by hackersMan hit with massive fine for pirating gay porn filmsWrite a comment4 user comments 14.11.2012 16:49MorrealeSend private message to this userSenior MemberQuote:Panasonic's own new president, Kazuhiro Tsuga, had this to say: "It's unfortunate, but we are among the losers in consumer electronics." Well that's a positive way to put things...

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