Nikkei: Panasonic’s Q3 profit slides as material costs rise and appliance sales fall

Nikkei reports:

Japan’s Panasonic Corp on Wednesday posted a larger-than-expected 44% slide in third-quarter operating profit, hit hard by rising costs for raw materials, component shortages and a drop in domestic sales for appliances.
Panasonic has sought to reduce its reliance on low-margin consumer electronics and appliances, shifting its focus to automotive batteries for Tesla Inc, production machinery, components and more recently supply chain management services.

Panasonic did not share any detail about their camera business results. This now falls into the more general “consumer and home appliances” category. And about that it’s said:

The industrial conglomerate said the profit margin at the division which houses its consumer and home appliances businesses was squeezed by rises in the cost of iron, copper and other materials.

Pity we have no clue to know how the Lumix business is doing…