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Panasonic are added to the growing list of companies with record losses

Panasonic suffer record loss for 2012, is looking forward to OLED

| Business, Financial & Legal News | Posted: May 14, 2012 2:30 am

Panasonic have just announced their yearly earnings, and they aren't very good at all: a record $9.7 billion net loss for 2011. Not good at all. Incoming president, Kazuhiro Tsuga's first job it seems is to turn around the company's TV division.

 

TweakTown image news/2/4/24066_02_panasonic_are_added_to_the_growing_list_of_companies_with_record_losses.jpg

 

Panasonic have hefty investments in both plasma and LCD manufacturing, which resulted in the losses. Panasonic expects a better year for 2012, where they predict they'll actually sell less, with numbers deflating from 17.3 million last year, to 15.5 million.

 

Large screen OLED HDTV production is something both LG and Samsung are smashing into right now, with Panasonic set to follow. Outgoing president, Fumio Ohtsubo mentioned they would look for a partner there. Hopefully 2012 is a better year for Panasonic!

NEWS SOURCES:Engadget.com

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