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Hi-Tech / Hardware

For the year Panasonic has lost 44 % of profit for Tesla and trade wars

3DNews: Novosti Hardware 31.07.2019 at 15:04

3DNews: Novosti Hardware

Panasonic Corporation reported a sharper-than-expected fall in operating profit in the first quarter of its accounting year: 56,39 billion yen ($519,68 million) against of 99.96 billion yen a year earlier. A sharp decline of 44%, the Japanese company explains the trade tensions between China and the U.S. dampened demand for its automotive components and factory equipment in China. A miscalculation in expectations made founded last year by research company in the field of global Finance Refinitiv, predicted the decline in profits to 70,93 billion yen, citing the calculations of eight analysts. But despite this substantial decline, Panasonic left unchanged its forecast for net profit for the current fiscal year ending in March 2020, at the level of 300 billion yen. Meanwhile, the average estimate of 20 analysts points to 320 billion yen.