Panasonic's Q3 profit slides as material costs rise and appliance sales fall

FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) - Japan's Panasonic Corp on Wednesday posted a larger-than-expected 44% slide in third-quarter operating profit, hit hard by rising costs for raw materials, component shortages and a drop in domestic sales for appliances.

Panasonic has sought to reduce its reliance on low-margin consumer electronics and appliances, shifting its focus to automotive batteries for Tesla Inc, production machinery, components and more recently supply chain management services.