Japanese consumer electronics vendor announced its quarterly earnings today and they didn't make good reading. Revenue dropped 37.8 percent year-on-year and led to a net loss of 26,147 yen, which equates to $287.3 million.
As reported on HEXUS earlier today, this has led it to take some drastic restructuring measures on top of the loss of nearly 10,000 permanent and temporary jobs announced last year.
A press release today said: "Pioneer has been affected significantly by dramatic changes in economic conditions since the fall of 2008-an impact that has far outweighed the benefits being generated by the aforementioned restructuring measures. Pioneer is now forecasting a record net loss for fiscal 2009, the year ending March 31, 2009."
The biggest news was its intention to pull out of the display market entirely. "Pioneer will terminate any further in-house display product development after its products currently available on the market, and withdraw from the display business by March 2010," said the press release.
"Recent market conditions have changed far more than initially anticipated, and Pioneer has decided to withdraw from the display business after concluding that there are no prospects for improving profitability under current conditions. However, the Company will continue to provide after-sales services even after the withdrawal."