Japan's Panasonic Corp forecast a record net annual loss of $10.2 billion on Friday, joining beleaguered rival Sony Corp in a sea of red ink, both struggling to fix their broken TV businesses and overcome criticism that they have lost their way.Panasonic, posting quarterly results, said it was headed for a loss of 780 billion yen for the year to March, dwarfing expectations for a loss of around $6.2 billion. The loss was almost entirely due to restructuring charges and writedowns, including to its Sanyo Electric unit. Panasonic, which is in the process of shedding 17,000 jobs by end-March, also missed third-quarter market forecasts, diving to a loss of 197.6 billion yen from a profit a year earlier.
Source: Financial Express
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