Another Japanese electronics giant has reported stratospheric losses with Panasonic reporting that the firm expects to report a loss of $10 billion.
Following Sony's expected $2.9 billion annual loss, Panasonic blamed the global economic slowdown, declines in its digital products, European debt crisis and the Thailand floods as we as a sales declines in "digital products."
The scale of the losses of Japanese electronics giants is beyond anything analysts were forecasting and comfortably the largest in history. The fortunes of Japan's high-tech industries aren't helped by a high Japanese Yen and a relatively weak Korean Won, assisting rivals in Korea such as Samsung and LG.
"I feel the responsibility for the huge amount," said Panasonic chief Fumio Ohtsubo, apologising for the loss. Unlike Sony, Ohtsubo is not expected to fall on his sword as Sony's former CEO Howard Stringer.
Advertisement
Related Stories
- Panasonic announces record loss May 13th 2012 at 11:52PM
- Apple sells 35 million iPhones Apr 25th 2012 at 1:26AM
- Microsoft beats earnings expectations Apr 20th 2012 at 12:20AM
- Nokia suffers £1 billion first quarter loss Apr 19th 2012 at 11:54PM
- Intel profit dips but Otellini upbeat Apr 17th 2012 at 11:55PM
- Panasonic becomes Paralympic partner Mar 12th 2012 at 1:05PM
- Panasonic's Android Eluga arrives with a splash Feb 21st 2012 at 1:20AM
- Sony unveils $2.9 billion loss, replaces CEO Feb 2nd 2012 at 7:03AM
- Apple profits surge ahead Jan 25th 2012 at 6:34AM
Add a new comment
You need to be logged in to post comments. If you do not have an account then please register.
Comments
0 comments
There are no comments yet, be the first to add one!