Market Commentary and Intraday News
News Summary: Panasonic returns to profit in 1Q
322 days ago
By The Associated Press
MAKING MONEY: Panasonic Corp. says it returned to a profit in the latest quarter. That's despite a 6 percent decline in revenue amid weak demand in its Japanese home market.
WHAT HAPPENED: It reduced costs after cutting more than 38,000 jobs over the past year.
OTHER FACTORS: The European financial crisis and the strong yen, which erodes overseas sales when repatriated to Japan, also weighed on the company's performance.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.