Panasonic to lose nearly $10 billion this year

On the same day that Sharp announced 'ongoing concerns' for its ability to keep running, Panasonic made a similarly horrible announcement, stating it expects to lose $10 billion for the fiscal year.

The company will write off billions of dollars as it clears out its mobile and energy divisions completely. Shares of the company fell to 30 year lows.

Last year, the company lost $9.8 billion and the new forecast has the company losing $9.6 billion this fiscal year, which ends on March 30th. Over the last five year (including this forecast), the company has lost a staggering $25 billion.

Panasonic's own new president, Kazuhiro Tsuga, had this to say: "It's unfortunate, but we are among the losers in consumer electronics."

The company has fired 36,000 employees over last two years and will very quickly need to find a way to unwind its dying TV business.

Written by: Andre Yoskowitz @ 4 Nov 2012 16:43

Morreale

Quote:Panasonic's own new president, Kazuhiro Tsuga, had this to say: "It's unfortunate, but we are among the losers in consumer electronics." Well that's a positive way to put things...

*\\\****//\\\***//\\\*****
**\\\**//**\\\*//**\\\*******
***\\\//****\\\ ****\\\****

4.11.2012 16:49 #1

Notcow

Originally posted by Morreale: Quote:Panasonic's own new president, Kazuhiro Tsuga, had this to say: "It's unfortunate, but we are among the losers in consumer electronics." Well that's a positive way to put things... I was thinking the same thing. I thought they usually at least tried to put a positive spin on these things.

What a shame. Competition seems to be narrowing and narrowing.

4.11.2012 21:00 #2

Mr_Bill06

Would hate to see Panasonic go they make very good plasma TV's. Seems the way things are going we are not going to have much choice in the future for choosing TV's and that is not a good thing. Sony, Sharp, and Panasonic all failing in the TV market. I can't understand why Panasonic are failing? I bought last year an ST30 to replace a Samsung LCD. All I have to say is I wont be getting a LCD TV any time soon if ever again, due to the issues with the Samsung. My parents almost 10 year old Panasonic plasma is still going and looking as good as the day they got it. Not knocking Samsung or LCD, I loved my LCD TV but it began showing dark spots and finally just stopped working only being 4-5 years old.

5.11.2012 00:32 #3

snardos

Originally posted by Mr_Bill06: Would hate to see Panasonic go they make very good plasma TV's. Seems the way things are going we are not going to have much choice in the future for choosing TV's and that is not a good thing. Sony, Sharp, and Panasonic all failing in the TV market. I can't understand why Panasonic are failing? I bought last year an ST30 to replace a Samsung LCD. All I have to say is I wont be getting a LCD TV any time soon if ever again, due to the issues with the Samsung. My parents almost 10 year old Panasonic plasma is still going and looking as good as the day they got it. Not knocking Samsung or LCD, I loved my LCD TV but it began showing dark spots and finally just stopped working only being 4-5 years old. That is why the good companies are dying. Their products last too long. If people only buy a new panasonic every 10 years, but others buy a new Samsung every 5 years, it is obvious which company will be in better shape. I'm not saying Samsung is bad, that is just an example, but the trend now is definitely to build disposable products.

5.11.2012 08:12 #4

ronatola

Yes, unfortunately most consumers only look at price/specs and don't factor longevity into their purchase decision.
Disposable electronics that are cheap and have a short lifespan are the way of the future.
Panasonic is too good for this business model, and will ultimately fail.

-the earth weeps-

8.11.2012 10:42 #5

Mr-Movies

Their TV's aren't as good as some of the better lines on the market so I can see why they are having problems even with the marketing push that they were better. Even my mother who isn't tech savvy has mentioned how bad Panasonic's are compared to others in the stores and their price tag doesn't reflect there lack of performance.

Hopefully the new president will remedy their short comings and turn the company around as they have been a leader in all electronics for many decades prior.

8.11.2012 11:02 #6

Mr_Bill06

Originally posted by Mr-Movies: Their TV's aren't as good as some of the better lines on the market so I can see why they are having problems even with the marketing push that they were better. Even my mother who isn't tech savvy has mentioned how bad Panasonic's are compared to others in the stores and their price tag doesn't reflect there lack of performance.

Hopefully the new president will remedy their short comings and turn the company around as they have been a leader in all electronics for many decades prior. A store is not a good place to judge any TV set. They usually have the TV's set to torch mode, and all the lights in the store don't help. Even when you get it one home you may not be happy and may end up having to get someone in to calibrate it.

8.11.2012 17:24 #7

Mr-Movies

I've checked them out in stores and homes in which I calibrate them myself and Panasonic's just don't perform as well as some better brands including value lines like Vizio. They tend to be washed out, flat, with little luster or contrast and not even that good with blacks/shades. Sure stores can be misleading as the person(s) who set the demo's up can vary between poor and good but again I've not left it to that alone and Panies just don't add up even there best rigs, which aren't bad but are too expensive and still not the best.

8.11.2012 22:15 #8

xboxdvl2

ive seen the displays on panasonic tvs and i didnt like them.The sonys and samsungs had a lot clearer pictures.also in the market for a new sound system and been told stay away from panasonic.also panasonic charge top dollar for products that are not as good as the other brands in the same price range.not sure how durable tvs are i have a crt samsung tv from about 1995, a sony crt tv thats a few years old and a sony bravia led tv that ive had almost a year.

edit: new thread in home theatre for sterio suggestions.

i have the big screen tv,a ps3 and im gonna surround sound to go with it soon hopefully.car still runs smooth and computer still works but its a bit outdated.

9.11.2012 01:43 #9

Mr_Bill06

Originally posted by xboxdvl2: also in the market for a new sound system and been told stay away from panasonic If you don't mind spending more money and have the room, stay away for a home theater in the box solution. If you don't have he room for big speakers get all bookshelf speakers. Trust me, even if you don't have tons to spend you can still do a whole lot better. Reading reviews online and also going to stores if you can to audition cause after all it comes down to if you will enjoy how they sound. Even if you can't audition speakers sticking to well known brands such as Klipsch, Polk, etc will still give better results then a HTIB.

9.11.2012 03:26 #10

Mr-Movies

Low-end Polk no good but their higher end is pretty decent. Klipsch you typically can't go wrong with but bigger is almost always better. Dennon & Yamaha are the way to go for AVR's and Crown for moderate priced Amps. You get what you pay for but especially in the audio world high end gear is way over priced, the Mcintosh amp I'd like to have is $10K and sounds sweet but way too much money for the bang.

I would stay away from Panies and Sony for AVR's even though Sony amplifier is OK their interface is a total joke.

9.11.2012 06:49 #11

JST1946

I still have 31 inch Panasonic TV I bought in 1987 that is still working just as good as when I bought it.Even have the original remote control.

20 Year U.S.Army Veteran.Vietnam 1969-1972 101st Abn.Div.

9.11.2012 07:26 #12

Mr_Bill06

Originally posted by Mr-Movies: Low-end Polk no good but their higher end is pretty decent. Klipsch you typically can't go wrong with but bigger is almost always better. Dennon & Yamaha are the way to go for AVR's and Crown for moderate priced Amps. You get what you pay for but especially in the audio world high end gear is way over priced, the Mcintosh amp I'd like to have is $10K and sounds sweet but way too much money for the bang.

I would stay away from Panies and Sony for AVR's even though Sony amplifier is OK their interface is a total joke. I have to agree and disagree with you on the Polk entry level gear. I think some of the Polk entry level stuff would blow away pretty much any HTIB solution. I do own there entry level 10" sub and it's just awful, worst speaker I have ever owned at this point. I didn't know Panny made an AVR outside the HTIB stuff? I was looking into the new Pioneer SC-61 looks nice, looking to upgrade my old 5.1 Yamaha RX-V465, but I think I'm going to wait, mainly on funds.

9.11.2012 17:52 #13

pmshah

Originally posted by ronatola: Yes, unfortunately most consumers only look at price/specs and don't factor longevity into their purchase decision.
Disposable electronics that are cheap and have a short lifespan are the way of the future.
Panasonic is too good for this business model, and will ultimately fail.

-the earth weeps- I would blame the US for this debacle. Most of the lower priced consumer products sold in the US are not designed to be repaired, unlike those coming out of say Germany. Just as one small example, they use pop/blind rivets in place of a screw and nut to cut cost. Even in PCs they use BGA chips in stead of plugin socket mounted ICs, making them 1000 fold more difficult to repair and need replacement of the entire sub-assembly / pcb. If in this scenario you have even a minor problem it can cost the company a huge bundle to fix. So unless they change their outlook and priorities situation will only get worse.

9.11.2012 20:18 #14

SoulGLOW

what kind of crack are you guys smoking? Panasonic Plasma is the best picture value you can get. Comparing it to a Vizio? Really? You must have done that at Walmart where damn near everything is bottom tier. If you compare apples to apples the visual quality is unsurpassed. I had a top of the line Samsung LED and took it back 2 weeks later once I saw the Panasonic TC-P42GT25's staggering black level. And someone was dissing its contrast levels...WTF?! For 3D its 600mhz is unsurpassed. Mine is 2 years old and has a buttload of apps (could use more though as load time for Netflix is forever, but Hulu is damn near instantaneous so maybe thats a software issue on Netflix's End). Mine isn't even top-of-the-line either. I also have a Panasonic Stereo in one of my cars that this article just got me hella nostalgic for. That thing is like 10 years old and Panasonic had the forethought to put in a connection for things like Ipod Controllers. And it sounds awesome with exception wattage output. Heck the TV has awesome sound quality too. I'm not a 'Fanboy' but color me impressed by the companies offerings.

9.11.2012 20:27 #15

DADEO1

Originally posted by SoulGLOW: what kind of crack are you guys smoking? Panasonic Plasma is the best picture value you can get. Comparing it to a Vizio? Really? You must have done that at Walmart where damn near everything is bottom tier. If you compare apples to apples the visual quality is unsurpassed. I had a top of the line Samsung LED and took it back 2 weeks later once I saw the Panasonic TC-P42GT25's staggering black level. And someone was dissing its contrast levels...WTF?! For 3D its 600mhz is unsurpassed. Mine is 2 years old and has a buttload of apps (could use more though as load time for Netflix is forever, but Hulu is damn near instantaneous so maybe thats a software issue on Netflix's End). Mine isn't even top-of-the-line either. I also have a Panasonic Stereo in one of my cars that this article just got me hella nostalgic for. That thing is like 10 years old and Panasonic had the forethought to put in a connection for things like Ipod Controllers. And it sounds awesome with exception wattage output. Heck the TV has awesome sound quality too. I'm not a 'Fanboy' but color me impressed by the companies offerings. Thanks for adding some common sense to this discussion. The top of the line Panasonic's are consistently rated at the top for plasmas.

11.11.2012 20:41 #16

Mr-Movies

Originally posted by DADEO1: Originally posted by SoulGLOW: what kind of crack are you guys smoking? Panasonic Plasma is the best picture value you can get. Comparing it to a Vizio? Really? You must have done that at Walmart where damn near everything is bottom tier. If you compare apples to apples the visual quality is unsurpassed. I had a top of the line Samsung LED and took it back 2 weeks later once I saw the Panasonic TC-P42GT25's staggering black level. And someone was dissing its contrast levels...WTF?! For 3D its 600mhz is unsurpassed. Mine is 2 years old and has a buttload of apps (could use more though as load time for Netflix is forever, but Hulu is damn near instantaneous so maybe thats a software issue on Netflix's End). Mine isn't even top-of-the-line either. I also have a Panasonic Stereo in one of my cars that this article just got me hella nostalgic for. That thing is like 10 years old and Panasonic had the forethought to put in a connection for things like Ipod Controllers. And it sounds awesome with exception wattage output. Heck the TV has awesome sound quality too. I'm not a 'Fanboy' but color me impressed by the companies offerings. Thanks for adding some common sense to this discussion. The top of the line Panasonic's are consistently rated at the top for plasmas. You mean lack there of! I'll put Vizio's higher end up against any Pany! And there is no contest against Sony, Samsung, and other much better TV's.

But if you want to live on the crack pipe so be it as it is a somewhat free world in some areas. :D

11.11.2012 22:04 #17

TrinUK

If they had any sense they could have used some of that 9 billion to do a joint games console project with Sega and release the Dreamcast 2 to Rival Sony and Microsoft.

That would have at least generated some interest in Panasonic

Plonkers

Trin - Making Digital Waves

12.11.2012 12:01 #18

omendata

I used to work for JVC in East Kilbride and all bar none of our tv engineers told me our products were sh** compared to Panasonic - they use higher quality caps and associated electronics and are superior to all other products. Our tvs were lucky if they lasted 5 years tops - Panasonic had a reputation of 10 years+ and all of the guys on the line had Panasonic gear at home!!!

Quality costs money and Panasonic make the best consumer equipment money can buy; that is fact, but unfortunately in the current economic climate people are skint and cant afford the best!

R.I.P. Panasonic...
They will be sadly missed...

20.11.2012 00:32 #19

SoulGLOW

Originally posted by Mr-Movies: Originally posted by DADEO1: Originally posted by SoulGLOW: what kind of crack are you guys smoking? Panasonic Plasma is the best picture value you can get. Comparing it to a Vizio? Really? You must have done that at Walmart where damn near everything is bottom tier. If you compare apples to apples the visual quality is unsurpassed. I had a top of the line Samsung LED and took it back 2 weeks later once I saw the Panasonic TC-P42GT25's staggering black level. And someone was dissing its contrast levels...WTF?! For 3D its 600mhz is unsurpassed. Mine is 2 years old and has a buttload of apps (could use more though as load time for Netflix is forever, but Hulu is damn near instantaneous so maybe thats a software issue on Netflix's End). Mine isn't even top-of-the-line either. I also have a Panasonic Stereo in one of my cars that this article just got me hella nostalgic for. That thing is like 10 years old and Panasonic had the forethought to put in a connection for things like Ipod Controllers. And it sounds awesome with exception wattage output. Heck the TV has awesome sound quality too. I'm not a 'Fanboy' but color me impressed by the companies offerings. Thanks for adding some common sense to this discussion. The top of the line Panasonic's are consistently rated at the top for plasmas. You mean lack there of! I'll put Vizio's higher end up against any Pany! And there is no contest against Sony, Samsung, and other much better TV's.

But if you want to live on the crack pipe so be it as it is a somewhat free world in some areas. :D
AAAAnd the winner for "backing up someone else's statement while being a complete dumbass" Award goes to you for saying you would put Vizio's higher end up against any Panasonic....and other much better TV's. Really dude? REALLY? Way to contradict your own statement. Seems like the crack is the least of your worries. Psh...Vizio....HAH!

20.11.2012 08:00 #20

Mr-Movies

You might want to look in the mirror SoulGLOW as you seem to pride yourself in that ignorant area. :)

20.11.2012 08:28 #21

jhvance

Well, if Panasonic would resume making and selling a DVR with both a HDD and DVD-burning (plus reading, of course) capability with an ATSC tuner, I would gladly buy one to replace the DMR-E85H model I've had for almost 10 years. I continue to use the old machine on a regular basis as it's hooked into a digital converter box that will work with its remote-control link gizmo, and have gotten it repaired a number of times (bad capacitors two or perhaps three times, frozen disc tray once). It's still an outstanding piece of equipment, but Panasonic seems to have abandoned this product line in the US under pressure from RIAA and the big studios who apparently thought models with those capabilities would greatly stimulate piracy. For awhile they continued to sell advanced models with better tuners and larger hard drives in the Asian markets, but may have abandoned them entirely by now in their increasingly dire financial straits.

Too bad they don't want my money, but that's their choice.

25.11.2012 17:56 #22

SoulGLOW

Originally posted by Mr-Movies: You might want to look in the mirror SoulGLOW as you seem to pride yourself in that ignorant area. :) huh? make some sense dude.

26.11.2012 07:45 #23

Mr-Movies

Originally posted by SoulGLOW: Originally posted by Mr-Movies: You might want to look in the mirror SoulGLOW as you seem to pride yourself in that ignorant area. :) huh? make some sense dude. That seems to be your short suit I'd say... :D

27.11.2012 04:52 #24

AfterDawn: News