Panasonic has slashed its net profit forecast by 90 percent. The company is facing tougher times as sales drop due to slower consumer spending. Panasonic shares tumbled by 11 percent on Friday

"We were expecting a roughly 20 percent drop in the prices of flat-screen televisions this year, but they have declined some 30 percent. We still expect them to fall 10 percent more," Panasonic director Makoto Uenoyama said in a statement.

Current business conditions on consumer electronics are deteriorating sharply. The slowdown in consumer spending and the on-going price competitions are cutting away Panasonic profits.

By: DocMemory
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