Panasonic posts annual loss of almost $ 10 billion , prompting shares to drop . Comment: The company is losing money because it's not making enough profit from the products they sell ( which aren't very good ) and their business model has been changing for a while now. ` With sales increases in products , such as air conditioners and refrigerators , meeting local needs in India and Brazil , and `` HIT solar cells '' by maximizing Panasonic Group sales strength in Japan , the positive results have started showing in some regions and businesses , '' Panasonic said in a statement . Follows record loss for rival Sony announced Thursday of $ 5.7 billion . Both companies hit by extra competition , sluggish sales of flat-screen TVs .
Panasonic posts annual loss of almost $ 10 billion , prompting shares to drop . Comment: The company is losing money because it's not making enough profit from the products they sell ( which aren't very good ) and their business model has been changing for a while now. Follows record loss for rival Sony announced Thursday of $ 5.7 billion . Both companies hit by extra competition , sluggish sales of flat-screen TVs .