The tech business industry can be somewhat of a life cycle. We watch companies like Sony go from humble beginnings to tech giants. We watch companies like Yahoo quickly rise to the top and fall to the bottom even quicker. Things change so fast.
And now it seems like another tech company is about to bite the dust. Leaders of Toshiba Corporation are fearing that the Japanese multinational conglomerate may be on its last leg.
Toshiba has projected a $9.2 billion dollar loss during its fiscal year. Part of the reason for this steep decline is due to the fact that the Westinghouse Electric Company, its U.S. nuclear unit, filed for bankruptcy two weeks ago.
“There are material events and conditions that raise the substantial doubt about the Company’s ability to continue as a going (sic) concern,” said Toshiba in a financial report they recently released.
The report wasn’t even approved by their auditors and according to Newser, if this report isn’t accepted then the company could be dropped from the Tokyo Stock Exchange (TYO). Based on the TYO graph below, their stock price is the lowest it’s ever been in the past 18 years.
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Although things look grim, the company could make a comeback in the future. After failing to keep up with its competitors and being sold by Microsoft, we’ve been hearing rumors about Nokia rising from the ashes.
But if Toshiba is done for good then hopefully consumers will benefit. If we’re lucky, there will be a going out of business sale on Toshiba laptops, smart TVs, and all the other electronics they produce.