Panasonic has announced their Q2 earnings. The company recorded 48.8 billion yen ($613 million) in operating profit, which is higher than last year. Unfortunately, Panasonic has reported that their TV business is falling.
Panasonic CEO Kazuhiro Tsuga is working on restructuring the company. Panasonic revised their operating profit prediction for the year to 140 billion yen ($1.76 billion) based on slower sales.
The company is reporting a net loss for the year of 765 billion yen ($9.6 billion) due to deferred tax assets.