Panasonic Cuts Sales Outlook by $2.3 Billion Citing Virus Impact

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By Pavel AlpeyevPanasonic Corp. trimmed its annual revenue outlook by 250 billion yen ($2.3 billion) after the coronavirus outbreak depressed sales of appliances, electronics and automotive parts.

Sales will total 7.45 trillion yen in the year ended March 31, 3.2% short of the company’s earlier forecast, Panasonic said in a statement on Monday. The electronics manufacturer kept its operating income outlook unchanged at 300 billion yen and said its net income will exceed own estimate by 10 billion yen because of a more favorable tax situation.

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SOURCE Bloomberg

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