Deathwatch: Panasonic announce record loss

3 February 2012

deathwatch Do you own any Panasonic gadgets? Hardly anyone does anymore, as the world seems to have forgotten the company exist at all. With that, it isn't really surprising that the Japanese electronic giant is having a tough time, posting a record annual $10.2 billion net loss.

Panasonic's forecast loss of 780 billion yen ($10.24 billion) for the year to March dwarfed expectations, leaving Panasonic President Fumio Ohtsubo apologising at a press conference for the unprecedented loss. "I feel the responsibility for the huge amount," he said.

Sony are also struggling, with big cheese Howard Stringer stepping down after a bigger-than-expected annual loss. Of course, the Panasonic chief is doing no such thing. Instead, the company will "accelerate our profit structure reform and make sure we achieve a V-shaped performance improvement in the next business year." Whatever that means.

Bitterwallet - Panasonic

"They don't seem like a company that's progressing towards a particular goal," said Yuuki Sakurai, CEO and president of Fukoku Capital. "What exactly is this company good at? What does it want to do? They don't have answers to these questions."

One thing Panasonic won't be doing, is ditching the TV business, with Ohtsubo noting: "I don't think it's a business that has lost its growth potential. [Panasonic want to] develop TV in a different manner."

Will sales of television sets falling sharply, things are looking pretty grim for Panasonic.

TOPICS:   Technology   High Street News   Travel   Gadgets


  • Mike H.
    You probably DO own something Panasonic, as they don't just sell 'gadgets'. I think they will be coming back with avengence, because it seems Panasonic are ahead of the times and are doing something never before seen, they've just struck a deal with Myspace on it's new venture, creatively named, MyspaceTV* I'm sure that will plug the $10.24 billion hole. *Yeah, Wikipedia, so fuck off.
  • Boomshaw
    Oh no. Panasonic are my favourite electronics manafacturer! They make amazing plasma tvs! Would be dissappointed if they went under.
  • Marky M.
    News just in: Panasonic will NOT be going bust or anything like it. They invest nearly half a trillion dollars in R&D and own their own frigging BANK for heaven's sake. Here's how to strike a deal with Myspace: "Hey Myspace, want this fiver?" (cue sound of Myspace suits scrabbling around on floor).
  • Boofles
    That's what you get for making decent tellies...
  • Mustapha S.
    They might think they're hard up now, but Panasonic will be in trouble if the planned benefit cap goes ahead, as no other fucker can afford a 50" 3d plasma.
  • iuewf
    Gotta say, the best quality flatscreen i've ever seen was a panasonic 50".
  • StuPid
    I used to have Panasonic 'walkman's back in the 90's - brushed aluminium, remote control with the ability to skip tracks on cassette and rechargeable batteries - they really were fantastic - but seemed to disappear when the music went digital, which is a shame as the designs they had were great and the iPod might not have been quite as ubiquitous as it currently is (I have iDevices - although that is from a quality of apps point of view as much as a design point of view)
  • Shitehouse
    Sod myspace, partner up with Jeremy Kyle for giveaways and Brighthouse as their sole retailer. £500 tv becomes worth £2000
  • D D.
    This isn't quite as bad as it seems. Remember the Japanese Quake and the fact that lots of this will be due to the Sanyo acquisition. Still not great, but not the disaster that it looks to be on superficial inspection...
  • Nick T.
    The same Sanyo whose Thai factory was burned down by its own workers because they hadn't received their bonus? Panasonic may be in bigger trouble than they thought.
  • Amen c.
    Name change needed. Panasoncock.

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