Panasonic Corp., Japan’s second- biggest TV maker, plunged by the daily limit in Tokyo trading after forecasting a loss 30 times bigger than analyst estimates because of restructuring costs and falling demand.
Sharp Corp., Japan’s largest maker of liquid-crystal displays, fell to the lowest in 33 years in Tokyo trading after forecasting a wider-than-expected full-year net loss amid slow demand for televisions.
Sony Corp. incoming Chief Executive Officer Kazuo Hirai said he will make “a hard, painful decision” to cut costs in the TV business and supply chain to turn around a company facing a fourth straight annual loss.
Japan’s biggest makers of phones, televisions and chips say they’ll lose about $17 billion this year, about three-quarters of what Samsung Electronics Co. will spend on research to lengthen the lead over its competitors.
Corporate profits probably rose to a record last quarter, with demand for items from Caterpillar Inc. equipment to Daimler AG cars holding up so far in the face of supply disruptions from the earthquake in Japan. The estimates six months out may prove too rosy, investors said.
Sony Corp. sold its stake in the venture with Samsung Electronics Co. to make liquid-crystal displays to the South Korean company after predicting an eighth consecutive year of losses from TVs amid sluggish demand.