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June 24, 2017

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Panasonic shares soar 19% after return to profit following US$2.4 bil. in gains

TOKYO--Panasonic shares rocketed 19 percent Wednesday after the struggling Japanese electronics giant said it swung into the black with a US$2.4 billion profit in the nine months to December.

The Tokyo-listed shares closed at 1,262 yen as investors reacted to the announcement, which came after markets closed Tuesday.

The stock had sunk seven percent in the previous session, hit by a broad market sell-off.

Panasonic — recovering from combined losses topping US$15 billion in the past two fiscal years — said net profit came in at 243.0 billion yen (US$2.4 billion) in the first three quarters, reversing a net loss of 623.8 billion yen over the same period a year ago. Sales rose 4.4 percent.

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