All four have suffered an annus horribilis in 2012 thanks to a variety of factors including the continued economic slump in key markets like Europe and increased competition from Asian rivals and Apple. Taken as a group they will see revenue drop seven per cent from 2011 to 2012, according to the analyst.Panasonic recently received a £4.7 billion bailout from Japanese banks after posting a record loss of ¥772.1bn (£6bn) last fiscal year.Sharp, meanwhile, managed to sign a ¥360bn (£2.9bn) bailout deal with the banks after it revealed plans to slash 11,000 jobs, and also received a ¥9.9bn (£75m) boost from Qualcomm, who will take a stake in its IGZO display business.Sony, whose credit rating was recently dropped down three notches by Fitch to double-B-minus, even lower than Panasonic’s, was forced to sell its chemicals business to the state-run Development Bank of Japan and issue five year convertible bonds in order to generate a profit this year.

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It’s also in the process of cutting 10,000 jobs by the end of fiscal 2012 and is selling off manufacturing plants and shares in joint ventures.Toshiba is faring better than most and still hopes to generate a net profit despite losses in the past two quarters.IHS said that despite the gloomy headlines, innovation at the firms could yet herald a resurgence in the market, pointing to a wide range of smartphones, tablets, TVs and cameras on show at Japan’s CEATEC show in October.In particular it highlighted a Bravia 4K LCD TV and hybrid tablet-laptop devices from Sony as well as plans for a PlayStation 4 console, as well as new REGZA HDTVs, ultrabooks and tablets from Toshiba.IHS is predicting mixed fortunes for the two, however, with Sony likely to see 3.7 per cent revenue growth while Tosh is set to suffer a further one per cent decline.“All the Japanese consumer electronics OEMs are struggling financially – prompting them to take measures to cut costs in order to shore up their profits,” said IHS analyst Myson Robles-Bruce, in a canned statement.“But even in these grim circumstances, Sony and Toshiba remain optimistic about the future, and are taking steps to invest in innovative products. This will cause their spending on semiconductors to rise in the coming years.”

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Schmidt isn’t the first in the gang of four to diss Microsoft without having bothered to check what the company is offering: Apple CEO Tim Cook wrote off Microsoft’s Surface tablet on the day of its launch in October without even having a fondle.“I haven't personally played with the Surface yet," Cook said during a conference call on Apple’s fourth-quarter results, "but what we're reading about it is that it's a fairly compromised, confusing product."On Surface’s hybrid status as a laptop-cum-tablet, combining a touchscreen with optional keyboard, Cook said at the time: "I suppose you could design a car that flies and floats, but I don't think it would do all of those things very well."Even though Apple and Google are in the same cosy clique, they still have massive fallings out, such as the crap iOS map app that replaced Google's superior software on Apple devices. However Schmidt, a former Google CEO, insisted they do all get along: