Panasonic Lost $3.95 Billion in 2008

The financial crisis strikes again and this time it’s Panasonic that’s reporting an impressive loss. The company reported no less than $3.95 billion in losses. Boy did we think Sony was in big trouble with its $1.03 billion loss!

What happened? Here’s an explanation:

Panasonic (JP:6752) said the result reflected the impact of the stronger yen, collapsing demand and persistent price-deflation in electronics goods.

Unfortunatelly 2009 might be just as grim for Panasonic and other manufacturers. And it’s us, the consumers, that are to blame. We just don’t feel like buying as many gadgets as we used to…