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Panasonic suffers first net loss in 9 years in April to June

Electronics maker reports a $93m loss as COVID-19 saps sales

Panasonic announced on July 30 a $93 million net loss for the April to June period, as its home appliance and automotive components businesses were hit by the coronavirus pandemic.

TOKYO -- Panasonic logged a net loss of 9.8 billion yen ($93 million) in the April to June quarter, the Japanese electronics company announced Thursday, marking its first net loss for the April to June quarter in nine years, as the coronavirus pandemic battered sales.

Panasonic's operating profit plummeted 93% to 3.7 billion yen, dragged lower by weak sales, with revenue falling to 1.3 trillion yen, down 26% versus the same period a year earlier.

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