Panasonic Corp. said Monday that it swung into the red in the fiscal first quarter ended June 30 as soft demand for electronics and costs related to early retirement programs weighed on its bottom line. The Osaka-based consumer electronics giant posted a net loss of ¥52.98 billion ($600 million) for the April-June quarter, reversing a ¥73.03 billion net profit it made in the same period a year earlier. Revenue for the period fell 26% to ¥1.595 trillion from ¥2.152 trillion a year earlier, partly due to slower sales of its flat panel TVs and digital cameras. Panasonic,which bases its earnings on U.S. accounting standards, kept its net loss outlook for this fiscal year unchanged at ¥195 billion.Source:/online.wsj.com/article/SB124928271049600875.html
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