Panasonic slumps to $4 billion yearly loss

Source: Associated Press

TOKYO (AP) — Panasonic Corp. slumped deep into the red last fiscal year, joining the expanding club of big Japanese brands shellshocked by their rapid descent from cash cow to money loser.

The world's biggest plasma TV maker Friday reported a 378.96 billion yen ($4 billion) loss for the fiscal year ended March — its first loss in seven years — and expects to stay in the red in the current year.

Business slumped across all segments amid lackluster demand for everything from flat-screen TVs and digital cameras to home appliances and semiconductors. Sales were down 14.4 percent to 7.77 trillion yen, and operating profit tumbled 86 percent to 72.9 billion yen.

(snip)

On Thursday, rival Sony Corp. said it lost $1 billion yen last fiscal year. Toyota Motor Corp., meanwhile, swung from a record profit to its worst annual loss since being founded in 1937.



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ETA: I have a Panasonic "Boom Box" I bought in the 1980s that I still use every day! Don't know why I felt that was important to add. Just a fun little fact of my life I guess....