Pioneer on Thursday, confirming published reports last week, announced its exit from the flat-panel TV business. The company will also cut 10,000 jobs worldwide.
According to Bloomberg News, the company also widened its forecasted loss for the year to $1.4 billion, which would represent its fifth straight year in the red. The jobs cut represent 16 percent of the company's global workforce.
The company will complete its withdrawal from the TV business by spring of next year.