Sony, Panasonic Fall to 30-Year Lows as TV Losses Mount
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Sony Corp. and Panasonic Corp., Japan’s biggest consumer-electronics makers, fell to their lowest levels in three decades yesterday after forecasting earnings that missed estimates because of a failure to end losses from TVs.
Sony, the world’s No. 3 TV maker, slid to the lowest since August 1980. The maker of Walkman music players and Bravia TVs closed with a market value of $17.5 billion, compared with more than $100 billion in 2000. Panasonic, the world’s largest maker of plasma TVs, dropped to the lowest since January 1978, according to data compiled by Bloomberg.