Panasonic is expecting a record loss of $10.2 billion.
The Japanese company’s predicted loss for the year to March has exceeded expectations. The loss is mostly due to restructuring charges and writedowns for its Sanyo Electric unit.
At a press briefing held in Tokyo on Feb. 3, Panasonic President Fumio Ohtsubo apologized for the unexpected loss. He didn’t say however that he would be stepping down to allow someone else to revamp the company.
Panasonic joins rivals Sony and Sharp in giant losses for the TV business. Between the three, they are expected to lose roughly $17 billion this year.
One of the reasons all three companies have suffered such grand losses is due to the emerging power of tablets and smartphones. More and more consumers are now choosing to watch television on their devices rather then on an actual TV set.
To make up for some of the losses, Panasonic will be eliminating 17,000 jobs by the end of March.