After the heartbreak of losing Pioneer's excellent Kuro line, Panasonic's plasma displays were the last bastion of hope for plasma TV enthusiasts, but now even they are going extinct. Panasonic today confirmed a Reuters report from earlier this month that it is exiting the plasma TV market with almost immediate effect - production of new units will end in December and all related operations will be wrapped by March next year. Two of Panasonic's three factories have already stopped building new units and the third will join them in about a month's time. The Verge reported this past April that the company had ceased all future plasma display d …

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Sharp's journey to profitability has taken another hit after it recorded the biggest annual net loss in its 100-year history. As losses totalled ¥545 billion ($5.37 billion) in the year ending March 31, the company also promoted former executive vice president of products Kozo Takahashi to president. Takahashi replaces Takashi Okuda after just a year in charge, with Okuda becoming chairman following approval by shareholders.

For Sharp, it's almost the exact same situation it found itself in last year. The company's financial struggles have been exacerbated by the strong yen, high domestic production costs, foreign competition, and lower dem …

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Struggling TV and display maker Sharp will be borrowing money and cutting its workforce to attempt a financial turnaround, Reuters reports. In a business plan and financial statement set for release on Tuesday, Sharp will apparently reveal plans to obtain more loans on top of the 360 billion yen ($3.5 billion) it borrowed last year, taking out another 150 billion yen ($1.5 billion) in return for giving the lenders senior management positions, among other conditions. In its last round of loans, it agreed to lay off 10,000 employees and sell off overseas assets, including plants in China, Malaysia, and Mexico.

Sharp has been in bad financial …

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Panasonic could be preparing an exit from the plasma TV market. According to Nikkei, the troubled company is mulling plans to greatly reduce its TV production over the next three years, possibly getting out of plasma altogether as early as 2014. Instead, it company reportedly plans to push into more profitable businesses like airplane systems, automotive parts, and enterprise products. Despite its shrinking market share relative to LCD, plasma is frequently championed by home theater enthusiasts for its deep blacks, wide viewing angles, vivid colors, and lack of motion blur.

Nikkei says that Panasonic has already stopped investing in new pla …

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Philips has more than doubled its net profit for the third quarter following the sale of its television business. The company officially disposed of the loss-making venture in April, selling a majority stake to TPV. While the Hong Kong-based company has been busy trying to turn the brand around, Philips has seen earnings increase thanks to growth in the medical imagery and LED light bulb sectors. As a result, net income rose to €170 million, up from €76 million on the same period last year.

In fact, sales of LED bulbs rose by 51 percent, with double-digit growth also seen in the personal care, health and wellness, and domestic appliance arm …

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Hon Hai has been on a quest to obtain a sizable ownership of Sharp, with the companies recently entering an agreement that would give Hon Hai a 9.9 percent stake in the Japanese manufacturer. Nikkei is now reporting that Hon Hai, otherwise known as Foxconn, is looking to increase that number to 20 percent. Additionally, the company has requested that the cost of Sharp's shares be decreased from the originally agreed amount of ¥500 per share as a result its recent drop in stock value and a disappointing performance during its 2011 fiscal year. Should Sharp agree to the terms and allow Hon Hai's share to exceed 10 percent, the Taiwanese compan …

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The planned turnaround at Sharp following last year's record $4.7 billion loss is taking a nosedive. The company is announcing a first quarter operating loss of ¥138.4 billion (about $1.76 billion) - nearly triple 2011's first quarter loss of ¥49.3 billion (about $628 million), thanks in part to a 28 percent year-over-year drop in sales. The bad news culminated in today's announcement of 5,000 job cuts by March of next year; the company's first since 1950. Sharp plans to accomplish the cuts using voluntary retirements and "natural attrition," reports the AFP. Management will be taking deeper pay cuts as well, ranging from 20 to 50 percent.

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