Toshiba's Bank Account Takes Massive Hit: Thanks HD DVD

Toshiba's Q1 numbers for 2008 are in, and not only did they face big losses from eliminating the HD disc format, they've taken big losses again. A 95% year-over-year profit loss is sure to send shareholders running for the hills and that's exactly what happened when Toshiba announced profits of only 1.25 billion yen ($12 million) at the end of Q1, as compared to 26.17 billion yen last year. Shares in Toshiba were down 2% at market close yesterday, and much thanks to HD DVD, quarterly revenue dropped 3%, net profit dropped 7% and the company suffered a 60.2 billion yen ($580 million US) operating loss. The only consolation to Toshiba is a forecasted 2% increase in net profits by this time next year. I gotta say, Toshiba really looks to be playing it safe with such a conservative number.

Via CEPro

Read More in: HD-DVD

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