Panasonic Returns to Profit

On the heels of recording its largest-ever annual loss, Panasonic Corp. said Tuesday that it returned to profit in the first quarter, boosted by cost cuts that helped stem the bleeding of red ink at its flat-panel television business.

The profit boost, which beat analysts’ expectations, comes as Osaka-based Panasonic is in the midst of shifting the focus of its business from low-margin consumer electronics products such as televisions to more industrial goods such as solar panels and rechargeable batteries for automobiles.

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