Panasonic slashes full-year operating profit forecast by 12.5%

Panasonic slashes full-year operating profit forecast by 12.5%

TOKYO (Reuters) – Japans Panasonic Corp on Thursday cut its full-year operating profit forecast even as it posted a 16% rise in third-quarter operating profit to 84.4 billion yen ($653 million).

Panasonic slashed its operating profit forecast by 12.5% to 280 billion yen from 320 billion yen. That compares to a 335.98 billion yen average forecast of 19 analysts surveyed by Refinitiv.

The result for the three months to Dec. 31 also fell short of a mean estimate of 95.31 billion yen profit from nine analysts.

($1 = 128.6800 yen)

(Reporting by Daniel Leussink; Editing by Chang-Ran Kim)

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