Printed from http://www.electronista.com

Giants Sony, Toshiba post unusual annual losses

updated 04:20 pm EST, Thu January 29, 2009

Sony, Toshiba post losses

The slowing economy is the main reason for electronics maker Sony announcing its first annual loss in 14 years, along with announcing a preliminary fourth quarter loss of nearly $199 million, according to a Thursday report. It was the third time this business year that Sony cut its annual forecast, and both it and the estimated near-$2.9 billion annual loss come after last year's respective profits of $2.6 and $5.3 billion. It's a similar story at Toshiba, where fourth quarter numbers are down about $1.8 billion compared to a $466 million profit last year, while forecast annual profits are nearly $3.1 billion in the red, the first time in seven years.

Both Japan-based companies had to battle a stronger yen that made competing in other markets more difficult, as well as weaker demand for electronics products across the board. Toshiba's losses were mainly due to record-low demand for flash memory chips, about a third lower from the previous year's quarter. The world's number two memory maker along with US partner SanDisk have cut output to better match the weaker demand. Toshiba's consumer digital products and home appliances also suffered losses. Earlier in the year, Toshiba predicted an annual profit of about $1.7 billion.

Toshiba has also announced on Thursday that it plans to buy some of SanDisk' 300mm wafer production facilities for about $885 million.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Apple 13-inch MacBook Pro (Early 2015)

Although the new darling of the Apple MacBook line up is the all-new MacBook, Apple has given its popular 13-inch MacBook Pro with Ret ...

Seagate Wireless

It seems like no matter how much internal storage is included today's mobile devices, we, as users, will always find a way to fill the ...

Lenovo Yoga Tablet 2 (Android, 10.1-inch)

Lenovo is building a bigger name for itself year after year, including its devices expanding beyond desktop computers. The company's l ...

Advertisement

toggle

Most Commented

 
toggle

Popular News