Friday, August 23, 2013

Sharp Cut

That's what happens when you go deep draft diving for posts you no longer give a shit about. Sorry.

"Sharp cites material doubt it can survive after loss widens" by Mariko Yasu and Naoko Fujimura  |  The Washington Post News Service with Bloomberg News, November 02, 2012

TOKYO — Sharp Corp., the world’s worst-performing major stock, said Thursday that there is ‘‘material doubt’’ about its ability to survive after forecasting a record $5.6 billion full-year loss on falling demand for its display panels.

The net loss will probably be $347.69 billion in the year ending March 31, the TV maker said, scrapping its earlier projection for a $193 billion loss.

Sharp has failed to win a planned $51.77 billion investment from Taiwan’s Foxconn Technology Group and has had difficulty selling commercial paper as it burns through cash.

Isn't Foxconn the one that had to put nets around their buildings to stop workings from jumping and committing suicide? They make the iPhone and other such things.

The company said its loss for the six months ended Sept. 30 was huge, stemming from falling prices for liquid-crystal-display panels, delays at an LCD factory, and declining sales in Japan and China.

My TV isn't on now.

The company’s warning echoes one made by chipmaker Elpida Memory Inc. before it filed for bankruptcy protection in February.

Sharp follows Panasonic Corp. in predicting losses worse than analysts estimated after losing ground to Samsung Electronics Co. in televisions.

In contrast, Sony Corp. reiterated its forecast for its first annual profit in five years after slashing costs, exiting panel ventures, and trimming its TV lineup.