Panasonic reports profit hike while Toshiba suffers loss

Quarterly reports flood in showing extent of damage done by recession

As Apple is blasted for not being as hugely successful as predicted the likes of Panasonic and Toshiba are desperately battling to escape the remains of the recession

Panasonic has posted impressive quarterly profits of $164 million, a huge turnaround considering they suffered some heavy losses last year after the company invested heavily in turning around its LCD manufacturing capabilites.

Meanwhile Toshiba has fared less well after it reported some heavy losses of $154 million placing the blame on lackluster sales in the consumer and white goods market.

In an increasinly competitive market both have been battling the end of the recession and while their consumer branches are suffering Toshiba has said that it will still hit its healthy March 2013 results of $3.8 billion in profit.

These figures are a hundred miles away from the recent reports that Apple's latest results were actually below those predicted despite the company posting profits of $8.8 billion.

Analysts have blamed the anticipation of the upcoming iPhone 5 resulting in consumers holding off their purchases until the new phone is confirmed.