Japanese electronics firm Panasonic on Tuesday reported a dip in quarterly operating profit but said that the company is still on track to achieve earnings of 15 percent this year as a restructuring strategy pays off. The company's operating profit slipped 2.8 percent in its fiscal third quarter ended December to 113.3 billion yen ($967 million) from 116.6 billion yen a year earlier.
Panasonic has restructured itself by shifting its focus to high-tech parts for cars and energy-efficient homes, and away from smartphones and TVs.
The company reiterated its full-year operating profit forecast of 350 billion yen, raised from 310 billion yen on Oct. 31 last year.
Seperately, Panasonic announced today that it has entered into an agreement to acquire all shares of Houston, TX-based Video Insight, Inc., a developer of video management software, as part of its strategy to expand business opportunities for both companies in the education market in North America.
Video Insight provides enterprise-class video management solutions for security systems to customers in the financial, government, retail, and transportation sectors as well as 6,500 schools and campuses.