Pioneer forecasts even wider net loss, names new president

As the flagging economy wreaks havoc on just about every mega-corp out there, the latest to publicly admit to being affected is Pioneer. After posting a rather significant loss earlier this year, the company is now guiding to a wider-than-forecast net loss of ¥78 billion ($789.9 million) for the year to March 31, blaming the surging yen and the slowing economy. The company is scheduled to nix its unprofitable plasma-panel operations by February and slash 2,000 jobs this fiscal year in order to counter the bleeding, and it looks as if former president Tamihiko Sudo is one of the first bigwigs to fall. As of November 16th, Susumu Kotani (pictured right) will take over that role, though we can't imagine he's looking forward to grabbing the captain's chair in such a turbulent environment.

[Via PC World, image courtesy of DayLife]

[(Unverified) Posted Nov 3rd 2008 5:51PM]

Pioneer makes the best Plasma HDTV out there. It's sad to see that they too are struggling to make a profit. Will they compromise the quality of their products to get back in the black?
Guess we will find out. Good luck Pioneer!

[(Unverified) Posted Nov 3rd 2008 7:22PM]

Unfortunately it's not just Pioneer. LCD and plasma plants are scaling back production right now and outlets like Tweeters are gone and it looks like Circuit City is circling the drain. Anybody wanting to buy electronic gear better jump by this Christmas because tough times are ahead. You may see the prices of Blu-Ray players start going back up as supplies dwindle. On the bright side we may see the prices dropping on the movies.

[(Unverified) Posted Nov 3rd 2008 5:46PM]

But... but... but everyone's going to buy HDTVs and Blu-ray players because they can't afford to go on vacation! So Pioneer is going to make trillions! This is definitely true, 'cos I read it on Engadget HD!