Matsushita Posts Huge Loss
February 23rd, 2002 (12:00am) - 9:28pm 02/22/02 One of Nintendo’s technology partners behind the GameCube console, Matsushita, plans to post huge losses for the year. Specifically, the company estimates their net loss at 438 billion yen (.26 billion) for the year, which is up significantly from earlier estimates of 265 billion yen. As a result, Matsushita has announced plans for drastic cost-cutting measures including job cuts and the closure of several plants. According to company representatives, Matsushita projects an operating profit of 188 billion yen for next year. Reported by Michael Robinson on February 23rd, 2002 (12:00am) [From: XenGamers]
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