Several reports surfaced Tuesday that Panasonic, makers of everything from home appliances to cameras to security systems, plans to exit the television market.

According to Reuters, the corporation will stop production of LCD and plasma TV panels next year, focusing instead on small and midsize panels for products like tablets.

Citing Nikkei, a Japanese stock market index for the Tokyo Stock Exchange, Reuters said the company's plasma TV sales are expected to plummet by half to 2.5 million units while its LCD sales will show minimal year-on-year growth.

It's unlikely Panasonic will return to profit this fiscal year, Reuters reported.

Down but not out

Though TV isn't turning a profit for Panasonic, the company has reportedly set its sights on another market - one that thrives on screens intended for portable devices.

That market is apparently more profitable than TVs, especially since customers like Apple dominate with high-selling items like the iPad.

The Japanese firm has allegedly already sent some high-resolution LCD panels Apple's way, and one Panasonic source said Apple "seems to be satisfied" with what it saw.

With screen production issues plaguing Apple from its last, Retina-packed iPad to the iPhone 5, it'd come as little surprise if the tech giant brought another firm under its wing.

TechRadar has reached out to Panasonic for comment on these reports and will update this story if and when the company responds.

Via Reuters, AppleInsider