Part of the loss is fallout from this year's earthquake in Japan, but steep sales decreases caused the rest.
Panasonic may make some impressive TVs but there's one thing they're not making - a profit. The company is down $9.2 billion in the last business quarter, though there are some factors that make that number seem bigger than it is.
One of those factors is the Great East Japan Earthquake, which affected Panasonic and essentially all other manufacturers located in Japan. On top of that, the flooding in Thailand hurt not only the global economy but Panasonic plants as well.
Of course, these tragedies can't account for all of Panasonic's losses this quarter. Sales in all sunk by 14%. The component of Panasonic that takes care of TVs lost 16% in sales due to declines in flat panels and mobile phones. The decrease would have been higher were it not for favorable PC sales.