Red is the new black as Panasonic joins Sony in posting annual losses
by Steven Kim 
posted May 19th 2009 at 9:23AM
The corporate cultures at Panasonic and Sony are quite different, but the two companies now have something in common -- annual losses for the first time in a long time. At seven years long, Panasonic's run of profitability was only half that of Sony's, but this economy doesn't discriminate -- Panasonic wrapped up the fiscal year in March with parentheses surrounding a ¥444 billion ($4.6 billion) figure. All the product sectors we love -- TVs, digicams, appliances and semiconductors -- are hurting, falling short of the previous year's sales figures by 14.4-percent. With cost-cutting a top priority for the coming year, Panasonic's plasma TVs will have to pull in some numbers to avoid the axe -- we're hoping the NeoPDPs are as much of a hit with consumers as they are with reviewers.
Reader Comments (Page 1 of 1)
Lex Magic @ May 19th 2009 12:40PM
Com‘on!
Both US subsidiaries of Panasonic and Sony have being subsidized over the past 5-6 years directly from Japan. Both companies are suffering from huge annual losses. Matter of fact, each television that is being sold is subsidized directly from the factory with $8-30 pending up on the model.
So, each time a television set is sold – they pay on top. And still at the end of each year, a big Cheque arrives just in time at the US subsidiaries before closing the books for the Japanese fiscal year. With a press release, they announce every year over and over again, that they archived a breakeven.
So, finally the “24h Excel wizard” they are trying to pretend, admits to have made serious mistakes – respect ;-)
sharpened sense @ May 19th 2009 2:45PM
It's sad that we may lose the 2 top hdtv makers (pioneer and panasonic). After I buy the 65'' panasonic V10 later this year I think i will have to wait until sony releases a 60'' and up OLED for a good price.
Bill @ May 20th 2009 5:07PM
hmmmm, 60" and up OLED, for a good price you say?
try maybe 10 years? I don't see that happening anytime soon hoss.