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Toshiba in trouble
No company ever wants to have to tell investors that they've lost over $9 Billion dollars in the past year, Toshiba just did that however. In addition to announcing huge losses, they also couldn't agree with their auditors so the results aren't even official.
Toshiba is looking to sell of some of their divisions to keep things going, but it seems like it's going to be rough year for Toshiba. USA Today has the story.
The Japanese electronics giant released unaudited results Tuesday, reporting steep losses related to the bankruptcy filing of its U.S. nuclear unit Westinghouse Electric Co. last month. For the first nine months of the year, which ends in March, it lost $4.8 billion.
The maker of computer chips and household appliances said expenses related to nuclear power construction by Westinghouse will "significantly" impact its liquidity.
"There are material events and conditions that raise the substantial doubt about the Company’s ability to continue as a going concern," the company said in its twice-delayed financial report.