Panasonic shares fell by 6.5% amid weak financial results

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Panasonic, one of the largest manufacturers of equipment, reduced its net profit by 13% in 2018-2019 fiscal year to 173.7 billion yen or $1.6 billion. The diluted profit was 74.43 yen or $0.68 per share, which is 13% less than last year. Panasonic's operating profit collapsed 8% to 292.8 billion yen. The company's revenue grew by 3% and exceeded 6 trillion yen or $54.3 billion. Weak demand for cars in China will affect the Panasonic report this year. The company expects to reduce sales of the automotive business. The trade war between the United States and China reduces the demand for air conditioners this year. Sales of smartphones are also falling, as well as industrial automation. China is an important market for Panasonic. In 2018, 13% of the company's revenues accounted for the PRC. Against the background of weak financial performance last year, Panasonic lowered its annual forecast by 9%.

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