Japan’s top consumer electronic firms recovered faster than expected from March’s earthquake, allowing most of them to maintain full-year profit forecasts despite a weakening TV market and concerns about the outlook for the global economy.
Video game maker Nintendo was a standout disappointment as it unexpectedly swung to a quarterly operating loss, hit by sluggish sales of its 3DS handheld game player and a strong yen. It also slashed its full-year forecast to far below market expectations.
Sony and Panasonic warned of weak TV sales, following Philips and Corning [GLW 16.00 -0.04 (-0.25%)] in highlighting sluggish demand.
Global consumer confidence fell in the second quarter to its lowest level in 18 months as an uncertain economic outlook, a deepening euro zone debt crisis and rising inflation made people cautious, a Nielsen survey showed.
Read the rest of the story: Japan’s Tech Companies Face Weak TV Demand, Keep Forecasts.