Panasonic forecasts 90 percent drop in profits this yearOpen in New Window
Avatar Posted by marthajoan 42 days ago (http://www.networkworld.com)
Category: network | Tags panasonic, forecasts, , percent, drop, profits, year,
"Citing a 'sharp deteriation' in business conditions, Panasonic has slashed its full-year sales and profits forecasts."The current financial crisis originated in the U.S. has spread across the world and the business sentiment in Japan and overseas has significantly worsened," Panasonic said in a statement. 'Under these circumstances, the company’s business conditions are deteriorating sharply, due mainly to the rapid appreciation of the yen, sluggish consumer spending and ever-intensified price competition.'"
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