NEC sees losses triple

Jan 27, 2011

Japan's NEC said Thursday its net loss in the October-December quarter almost tripled from a year earlier, blaming a delay in the recovery of IT-related capital investment in the country.

The Japanese information technology services firm said it logged a 26.5 billion yen ($322 million) net loss for the fiscal third quarter, compared with a loss of 9.61 billion yen in the same period a year earlier.

Its operating loss nearly doubled to 13.5 billion yen, from 7.5 billion yen a year earlier, on revenue of 720.72 billion, which was down 13 percent from 825.4 billion.

The company said its operating loss deepened due to a falloff in revenue from its IT service business segment, amid a slow recovery in private capital spending in .

For the full fiscal year through March, the company stuck to its forecast of a of 15 billion yen and of 100 billion yen on revenue of 3.3 trillion yen.

Explore further: Yahoo profit surges on Alibaba divestment, mobile (Update)

add to favorites email to friend print save as pdf

Related Stories

Sony rebounds to profit in April-June quarter

Jul 29, 2010

(AP) -- Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions.

Panasonic announces Q1 net loss of 560 mln dlrs

Aug 03, 2009

Japanese high-tech giant Panasonic Corp. announced Monday a big first-quarter loss, blaming weak sales of televisions, digital cameras and other electronic goods during the recession.

Japan's Sharp sees deeper net loss

Apr 08, 2009

Japanese electronics giant Sharp Corp. said that it had fallen deeper in the red than expected in the past year, suffering its first-ever loss due to the economic downturn.

Fujitsu back in the black for fiscal year

Apr 30, 2010

Japan's Fujitsu, embroiled in a dispute with its former boss, announced a return to profit Friday after massive losses the previous year as cost-cutting measures offset a decline in sales.

Recommended for you

Turner channels removed from Dish amid pact spat

14 hours ago

Channels such as Cartoon Network and CNN are no longer part of Dish's programming lineup as a deadline has passed for the satellite TV provider and Turner Broadcasting to renew their distribution agreement.

Verizon reports higher 3Q net income, revenue

15 hours ago

Verizon Communications Inc. on Tuesday reported higher net income and revenue in its third quarter, helped by strong wireless subscriber growth and demand for its high-speed FiOS Internet services.

Amazon, Simon & Schuster sign book retail deal

23 hours ago

Amazon has reached a deal with American book publisher Simon & Schuster, the companies said, though the e-commerce giant remains at loggerheads with France's Hachette over e-book pricing.

User comments : 0