Panasonic Corp cut its annual operating profit forecast by 39% on Thursday, hit by a slowing economy and a firmer yen, missing market expectations and joining rivals such as Sony Corp in slashing its outlook.
Panasonic, the world's No.1 plasma TV maker, expects its operating profit to total ¥340 billion ($3.57 billion) in the year ending in March 2009, down from its previous forecast of ¥560 billion and from a ¥519.48 billion profit a year earlier.
That compares with a consensus of a ¥471 billion profit in a poll of 20 analysts by Reuters Estimates.
The revision was expected since a source familiar with the matter said earlier on Thursday the maker of Viera flat TVs and Lumix digital cameras was likely to cut its annual operating profit forecast by at least 30%. (Reuters)