Panasonic Holdings cut its annual operating profit forecast by 12.5% on Thursday after lower-than-expected third-quarter earnings, hit by headwinds from a slowing global economy and persistently high raw materials prices.
The company faces challenges amid a tricky outlook for global growth as it looks to further build out its energy business, which includes making auto batteries for electric vehicle-maker Tesla.
The conglomerate slashed its operating profit forecast to ¥280 billion ($2.18 billion) for the financial year to Mar. 31, from ¥320 billion, in part due to a less rosy outlook for its industry segment this quarter.