Shares of Panasonic Holdings soared 15% on its plans to overhaul personnel and trim underperforming businesses, part of a shift into high-margin areas like powering AI data centers.
The Osaka-based company, whose sprawling operations include hairdryers, PCs and lithium-ion batteries used by the likes of Tesla, will restructure low-growth businesses and make changes to its employment structure, according to a statement released Tuesday.
After Panasonic’s chief executive officer said that the company’s long-standing TV operations were under review, its stock climbed on Wednesday in their biggest intraday surge since February 2014.
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