Panasonic 2012 Q3: $9 billion loss, Sanyo writedowns, restructuring

Panasonic 2012 Q3: $9 billion loss, Sanyo writedowns, restructuring:

Panasonic's released its 2012 quarterly report (its financial year runs from summer to summer) and concedes it's been as bad for them as it was for Sony and Sharp. It's blaming the Japanese Earthquake for damaging its supply chain, a strong yen for keeping prices high, plus having to write-down the costs for its acquisition of Sanyo. The company's promising to restructure (in the face of stern competition from Samsung and LG) to become a "green innovation" business as well as to streamline its operating costs. It's predicting a quarterly loss of $9.2 billion as it takes the hit for this turmoil, and it doesn't look like things will improve with an anticipated further loss of another $2 billion at the end of the (financial) year.

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Panasonic 2012 Q3: $9 billion loss, Sanyo writedowns, restructuring originally appeared on Engadget on Fri, 03 Feb 2012 05:54:00 EDT. Please see our terms for use of feeds.

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