Panasonic’s TV Business Turned Unprofitable Q3 on 7% Global Sales Decline

Panasonic’s global TV business sales declined 7 percent in Q3 ended Dec. 31 to $1.29 billion ($1 = 115 yen), the company said Tuesday. The downturn forced the sector to take a $47 million operating loss vs. a nominal operating profit in the year-ago quarter. Although “high value-added” products like 4K TVs were launched in October, profitability in the TV sector suffered from severe price competition and a weaker yen, Panasonic said. The company said it expects “the difficult market environment to continue and puts priority on profitability rather than seeking increased revenues.”