Toshiba suffers massive drop in profits due to exit from HD DVD business

Toshiba suffers massive drop in profits due to exit from HD DVD business

Japanese tech company Toshiba has come out with their latest revenue report and the company has posted a huge drop in the net profits.

This is mostly due to the losses they had to suffer after they announced exit from the HD DVD business.

HD DVD format was a rival to the Blu-Ray format developed by Sony. Toshiba announced that they are no longer developing the format earlier this year.

Toshiba spokeswoman Hiroko Mochida admitted: “Our net profit sharply fell due to the end of HD DVD business.”

Toshiba’s net profit in the quarter was 1.25 billion yen. This was a drop from profits of 26.17 billion yen in the same period last year.