Panasonic sees bigger loss on slumping TV sales, strength of yen

10/31/2011 | Bloomberg · Reuters · Marketnews Magazine (Toronto)

Panasonic says it may lose up to $5.5 billion in the current fiscal year because of restructuring of its television and semiconductor businesses and the continued strength of the yen against the dollar and the euro. Hit by competition from Samsung Electronics and LG Electronics, the company slashed its projected sales of TV sets to 19 million, from a previous estimate of 25 million. Panasonic is in the midst of reducing its payroll by 17,000 jobs, a target it now expects to meet by the end of March.

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