Sony, Sharp record $11 billion in combined losses
Wednesday, April 11, 2012
Television makers are taking a hit as evidenced in the news that Sharp and Sony posted a combined $11 billion loss, according to Bloomberg.
The drop is the first decline in global television shipments in six years, due in part to a stronger yen hurting overseas sales. Also contributing to the drop-off is more formidable competition from the likes of Samsung Electronics and Apple, the news source stated.
“The situation is critical and we will carry out drastic reform," Masaru Kato, chief financial officer at Sony, told the news source in Tokyo on April 9. "Nothing is sacred."
At the close in New York on April 10, Sony's American depositary receipts had dropped 9.3 percent to around $18.24, which marked the company's biggest daily drop in more than three years, the news source stated.
Although Samsung and Apple have taken a chunk out of Sharp and Sony, Apple and Samsung continue to compete with each other. Apple recently asked a U.S. appeals court to block the sales of certain products offered by Samsung, stating the items in question are "slavish" copies of those offered by the Cupertino, California-based company.
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