TOKYO (Reuters) – Japan’s Panasonic Corp reported on Wednesday a sharper than anticipated 44% plunge in first-quarter working revenue, as Sino-U.S. commerce tensions dampened demand for its auto elements and manufacturing unit tools in China.
FILE PHOTO: A person is mirrored on Panasonic Corp’s brand at Panasonic Middle in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon/File Picture
Panasonic, the unique battery cell provider for Tesla Inc, posted an working revenue of 56.39 billion yen ($519.68 million) for the April-June quarter, down from 99.96 billion yen a 12 months prior.
That was beneath a consensus estimate of 70.93 billion yen from…