As recently as September, executives at companies such as Panasonic believed they could hit their earnings projections, and the rapid fall in demand has left them struggling to cut production fast enough to match.
Exceptionally low levels of production are therefore likely to continue for at least the next few months as companies struggle to reduce inventories, and capital investment will remain weak as they hoard cash.
Most publicly traded manufacturers only started to cut their earnings forecasts in late October, but underestimated the degree of the slump and were forced to cut them again only a month or two later.
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