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.

Popularity: 3%