Panasonic can’t stop bleeding red ink and it has no choice but to discontinue businesses that aren’t delivering. The struggling Japanese electronics giant reported a massive net loss of nearly $9 billion in the latest quarter through September. Its shares tumbled 19% on the news, wiping out more than $3 billion off its market capitalization Thursday. The decision to withdraw from the overseas smartphone business comes as Panasonic is trying to streamline its unprofitable operations.
In other news, company is also rolling out the Android 4.0 update for Panasonic Eluga, which was until running on Gingerbread.
The upgrade process is a little usual; you have to first download the Eluga ICS update app from Google Play, which will actually perform the update for you. Install it and follow the instructions given at this link.
The update brings the usual ICS features including performance improvements, UI improvements and additional Google services.