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Toshiba profits down 95% due to HD DVD exit

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Toshiba profits down 95% due to HD DVD exit

Tokyo (Japan) – Toshiba’s profits plunged 95% for the fiscal quarter ending in March.  The company reported that its profits were a paltry $12 million dollars and that it took a $461 million charge for its exit from the HD DVD business.  It also took a $580 million operating loss during the quarter.

Quarterly revenue was basically flat at $20 billion.  The company also blames the drop in flash memory prices for its dismal performance.

Read more … AP via Google.