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Panasonic reports a drop in its annual profit


The firm did not issue an earnings forecast for this year

Stocks impacted: Panasonic Corp (6752), Tesla (TSLA)

Japan's Panasonic Corp reported a 28.6% drop in annual operating profit on Monday. Operating profit for the year ended in March came in at 293.75 billion yen ($2.74 billion). At the same time, the company’s battery cells joint venture with major customer Tesla Inc logged a second straight quarterly profit. As a reminder, Panasonic is a top supplier of battery cells to Tesla. Citing uncertainty surrounding the impact of the coronavirus pandemic, the firm did not issue an earnings forecast for this year. Earlier, other Japanese companies including Sony Corp and Canon Inc refrained from providing outlooks as well. Late last month, Tesla reported top-line growth in the first quarter over last year and an unexpected profit despite the coronavirus pandemic forced the company to temporarily halt operations at its flagship Fremont factory.

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