Citing a "sharp deteriation" in business conditions, Panasonic has slashed its full-year sales and profits forecasts.
The company, which is Japan's largest consumer electronics manufacturer, now expects net profit for the year to be ¥30 billion (US$315 million), down sharply from the previously forecast profit of ¥310 billion. Sales are expected to be ¥8.5 trillion, revised down from ¥9.2 trillion.
"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."
With the revised targets Panasonic is forecasting a contraction of its business this year compared to last year. If attained the new forecasts will mean a drop in sales of 6.6 percent a drop in net profits of 89 percent from last year.
Sidekick: The Good News & the Bad News Either way you look at it Microsoft Data Center management did not follow standards or best practices in this failure. In which case it makes me wonder more about the outsourcing of corporate data much less personal data.
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