Japan’s top consumer electronics firms recovered faster-than-expected from the March earthquake, and are keeping their earnings forecasts intact.
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Video game maker, Nintendo, was a standout disappointment, unexpectedly slumping to its first quarterly operating loss on record, after the company was hit by slow sales of its 3DS handheld game player and a strong yen.
Nintendo slashed its annual profit forecast by 80%, its lowest profit guidance in 27 years.
A weakening TV market is a key challenge for Asia’s technology firms, along with potentially weaker demand from developed markets as global growth falters.
Sony and Panasonic warned of weak TV sales, especially in the United States and Europe.
Over the past several years, Japanese companies have lost market share in televisions, flat screens and chips to aggressive South Korean rivals such as Samsung Electronics and LG.
But even Samsung recently said its flat screen unit reported a second quarter of losses and the mainstay chip business struggled due to fragile consumer demand.
Samsung says the conglomerate is now relying on the smartphone market to offset its TV and chip businesses.
The South Korean firm reported a 25% fall in operating profit for the June quarter.
Bottom line: Japan’s top consumer electronics firms keep their full-year forecasts intact on a faster-than-expected earthquake recovery. Samsung Electronics turns to smartphones and chips to offset weak TV market.