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Panasonic's Q3 profit tumbles 44% as sales of white goods, home appliances fall
TOKYO -Japan's Panasonic Corp on Wednesday posted a 44% decline in third-quarter operating profit to 73 billion yen ($636.2 million) as sales of white goods and home appliances shrank in Japan and material costs rose.
The result for the three months to Dec. 31 was worse than an estimated mean 106.9 billion yen profit from 10 analysts surveyed by Refinitiv.
Panasonic has shifted away from producing low-margin consumer electronics and appliances to making auto batteries for Tesla Inc, production machinery, components and more recently providing supply chain management services.
However those consumer appliances, which saw a boom in sales during coronavirus lockdowns, still account for a big chunk of revenue.
Panasonic stuck with its full-year forecast for annual profit of 370 billion yen - a figure in line with analysts' forecasts.
- Reuters
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Be the first to like this. Showing 6 of 6 comments
It was predicted more than 20 years ago
that Koreans will beat the Japs
then China will beat the Koreans
then India will beat China <= most people believe this is unlikely to happen now
the buck had stopped permanently at China
India is now expected to stay in a quasi stasis zone for eternity...
example Apple had a lot of problems in India which never happened inside China
2022-02-04 00:29
Lurker! Yeah, India will never become like China! Shitty nation! Racist despite having mono race! Problem is, those bramins are taking over all the white top posts! You name it, Google, Apple, and eventually Elon Musk place!
2022-02-04 01:01
Posted by qqq3333 > Feb 3, 2022 1:51 PM | Report Abuse
in fact is there is so solution for Japan?
Answer : Japan has very high quality of life! So basically they are in comfort zone! They no longer care to compete against the rest! The old generation refuse to give way to new generation especially in bringing new innovations! It's the Japan work culture thingy!
2022-02-04 01:03
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China white goods products beating Japs hands down.
2022-02-03 13:09