Mitsubishi Electric bails on mobile phone unit

Mitsubishi Electric announced plans to bail on its loss-making mobile phone unit, which supplies phones to Japanese carrier NTT DoCoMo. The company expects to book some $962 million in revenue from the unit for its current fiscal year, which ends in March. The move to pull out of the unit will result in a $164 million loss for the company, which it hopes to make up for through other reforms. According to a report from the AP, other phone makers in Japan are expected to pull out of the market, too. There are currently 17 phone makers vying for market share in the country.

For more on Mitsubishi's decision:
- read this article from the AP