CE giant, Panasonic, has taken a huge hit, but all is not lost
Like most players in the consumer electronic market, Panasonic has taken a huge hit financially with its end-of-year results coming in at losing equating to AUD$5 billion.
Like Sony, these losses have been some time coming – the first in seven years in fact – but not totally unexpected.
In order to address shareholder concerns the company said it was going ahead with its “drastic business structural reforms” in order to get a recovery happening within the company, which includes closing 40 production facilities worldwide by March next year.
Cybershack recently reported that Sony was upping production on its flat panels, in a sign that there was some form of recovery going on in the world’s second largest economy, and Panasonic have stated they expect their operating profit to increase by three percent over the next fiscal year.
Ironically, the company’s share price jumped a modest 4.8 percent after the announcement of results.