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panasonic headed for record $10b loss
Japan\'s Panasonic Corp. expects a record annual net loss of $10.
On Friday 2 billion, join troubled rivals Sony and Sharp in an effort to fix their broken TV business and overcome criticism of their lost direction. Panasonic (6752. T)
Said it would lose 780 billion yen ($10. 24 billion)
The loss this year was about $6, exceeding expectations. 2 billion.
The loss is almost entirely due to major restructuring costs and write-downs including Sanyo motors.
Sony\'s loss forecast is bleak (6758. T)
And Sharp (6753. T)
-Japan\'s three electronics companies totaled nearly $17 billion-highlighting the impact of fierce competition from foreign competitors such as South Korea\'s Samsung electronics (005930. KS)
Weak demand and stronger yen.
Panasonic is in the process of laying off 17,000 people at the end of the year.
Missed the third game.
The market forecast fell to 197.
Profit of 6 billion yen a year ago.
As TV becomes smart-connected to other devices such as tablets and smartphones-the inability to win in the TV market can hinder the sale of their consumer electronics range --up.
\"They don\'t look like a company moving towards a specific goal,\" said Yuuki Sakurai, CEO and president of Wells Fargo Capital, who manages $7 assets.
As at last March, 6 billion per cent.
\"What is this company good?
What does it want to do?
They have no answers to these questions.
Makoto Kikuchi, CEO of Tokyo\'s Myojo Asset Management Company, pointed out that Panasonic, Sharp and Sony all have structural problems and need to solve problems in the TV business.
Panasonic president oio Ohtsubo did not disclose his intention to abandon the TV business in an interview with reporters on Friday.
\"I don\'t think it\'s a business that has lost its potential for growth,\" he said . \" Panasonic hopes to \"develop television in a different way\" by exploring sales growth for businesses rather than directly targeting consumers \". The near-
The long-term prospects for better TV sales are grim.
2015, DisplaySearch, a tablet industry research firm, expects LCD TVs sold globally for the year to contract by 8% to $92 billion.
To make matters worse, Panasonic\'s plasma TV market will shrink by 38% to $7 billion.
If Panasonic\'s market share \"continues to shrink by around 10%, they may need to prepare for more restructuring,\" said Shiro Mikoshiba, an analyst at Tokyo Holdings in Tokyo.
Moody\'s Investors Service downgraded the debt ratings of Panasonic and Sony last month and kept a negative outlook on the two companies on the grounds that they
However, analysts say it is not only the TV sector that poses a risk to profits, it also keeps investors away from Panasonic\'s stock.
Shares of Panasonic fell on Friday to their lowest level in more than 30 years, but then rebounded to close.
2% higher than quarterly results.
\"The first line of hope is to invest in the future\" Fu Yongyu CEO investment.
\"You can take the increased cost of restructuring as a serious move for the company to reform and improve its business.
\"You can see this as the bottom, show all the losses, and then actively move towards the next quarter,\" he said . \".
Sony pressed the reset button on Thursday, announcing that Pinwell and husband will succeed Howard Stringer as CEO on April, which led to a 8% jump in its share price on Friday, its biggest --
Daily percentage growth in almost a year.
Ohtsubo likes Sony\'s Stringer, who has been trumpeting Panasonic for the past six years and so far has no intention of giving up.
\"Its Last net loss in 2001/02 was due to the sudden collapse of the pc after the IT bubble burst, but there was hope of flat growth at the time
Screen TV, \"said Suzuki Xiu, general manager of investment research at SBI Securities.
\"This time, not just Panasonic, they didn\'t get rid of all the rot either.
\"Sanyo\'s acquisition of Sanyo is part of Panasonic\'s strategy to focus more on its business --to-
Commercial markets such as auto parts and green technology are not sold to more volatile retail consumers.
Panasonic produces all products from refrigerators, bicycle pumps to fax machines, light bulbs and trimmer.
The company\'s most profitable business at the moment is white appliances, including refrigerators and washing machines.
\"We decided to buy (Sanyo)
In the summer of 2008 and . . . . . . Competition (environment)
The yen has changed a lot since then, \"said Makoto Uenoyama, managing director of Panasonic.
Sanyo\'s quarterly operating loss exceeded 20 billion yen.
Panasonic lowered its forecast for the number of tablets
The screen TV it will sell is expected to achieve operating profit this year, although the current profit is only 30 billion yen, lower than the previous 130 billion yen.
Last year, Panasonic\'s operating profit was 305 billion yen, excluding one-time projects.