Report: Toshiba Lost Over $1 Billion on HD DVD
Toshiba’s investment in the HD DVD video format was pretty costly even before the company pulled the plug on it. According to the Associated Press, citing the Japanese news agency The Nikkei, the company lost nearly $1 billion on the technology in 2007 alone.
The loss is estimated at 100 billion yen, the equivalent of $995 million in U.S. dollars, and applies to the fiscal year that ends March 31.
In a statement quoted by the AP, Toshiba raised the possibility of restating its earnings forecast as a result.