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Panasonic to cut production of LCD and plasma TVs amid disappointing sales

Japanese electronics manufacturer Panasonic is planning to cut production of LCD and plasma panels for televisions and instead focus on creating displays for more profitable devices such as Apple's iPad.

Figures from the Japanese stock exchange, the Nikkei, show that Panasonic is continuing to experience below expectation sales. Its plasma TV sales are expected to tumble by around 2.5 million units this quarter while its LCD TV sales have barely grown in the last year.

According to Japanese business newspaper Diamond Online, the company was hoping to expand its more profitable business of building tablet panels and was looking to enter Apple's iPad supply chain. It is rumoured to have already provided sample high-resolution LCD panels to Apple and according to a source within Panasonic, the iPhone maker appeared to be "satisfied."

ITProPortal has contacted Panasonic for confirmation of the above rumour.