Japan's tech firms face weak TV demand, keep forecasts
Japan's top consumer electronic firms recovered faster than expected from the March earthquake, keeping their full-year profit forecasts despite a weakening TV market and worries about the outlook for the global economy. Video game maker Nintendo Co was a standout disappointment, unexpectedly slumping to its first quarterly operating loss on record, hit by slow sales of its 3DS handheld game player and a strong yen. It now forecasts its lowest annual profit in 27 years. Sony Corp and Panasonic Corp warned of weak TV sales, especially in the United States and Europe, following Philips and Corning Inc 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.
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