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Pioneer Announces Q3 & 9-Month Losses; Cuts FY2013 Forecast from Profit to Loss

February 13, 2013 by Ted Leave a Comment

Pioneer LogoIn what is turning out to be a very rough earnings season in Japan, Pioneer Corp. announced yesterday its results for the third quarter and nine-month periods of fiscal year 2013 which ends March 31, 2013. Both Q3 and the 9-month periods showed losses, with the YTD loses increasing substantially to ¥9.8 billion ($105 million) down from a loss of ¥6.6 billion. As a result of this, the company has cut its FY2013 forecast from a profit of a ¥1 billion ($11 million)  to a loss of ¥4 billion ($42.8 million)…a surprising ¥5 billion change of fortune.

Due to the company’s deteriorating business, the Board of Directors has ordered a significant restructuring including salary and bonus cuts for executives and employees. The company has also said it will cut jobs.

Why has Pioneer’s business shifted so dramatically? See more details below… [Read more…] about Pioneer Announces Q3 & 9-Month Losses; Cuts FY2013 Forecast from Profit to Loss

Filed Under: Asian Connection, Financial, Management, Manufacturers, News, Strategy Tagged With: car navigation, optical drives, Pioneer

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Ted Green Bio

A former dealer, manufacturer, distributor & more. Focusing on business strategy, my goal is to help you make better decisions for greater success.

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