Pioneer Corp., projecting a fifth straight year of losses, forecast a wider annual deficit because of lower than expected sales of car electronics and said it is pulling out of the television business altogether and will cut 10,000 jobs worldwide.
The net loss will probably be ¥130 billion in the year ending March 31, more than the ¥78 billion loss it estimated Oct. 30, Pioneer said Thursday. Sales will probably be ¥560 billion, 20 percent lower than the ¥700 billion projected previously.
Pioneer lost a combined ¥100.6 billion in its home electronics business, including plasma-TV operations, since the year that ended in March 2004, as consumers opted for liquid-crystal display TVs with a brighter picture once prices became competitive. The company is relying on sales of car-navigation systems to restore profitability even as auto sales plunge amid the global recession.