Japan’s Toshiba slashes profit outlook after second-quarter slump

Fri Nov 11 2022
Austin Collins (487 articles)
Japan’s Toshiba slashes profit outlook after second-quarter slump

Toshiba Corp (6502.T) on Friday cut its full-year operating profit outlook after a 75% slump in second-quarter profit – dismal results that heighten the uncertainty surrounding its prospects for a buyout deal.

The Japanese industrial conglomerate said its earnings were being hit by a slew of factors including a slump in the hard disk drive market and an appraisal loss on a drop in printer unit Toshiba Tec Corp’s (6588.T) share prices.
2 minute readNovember 11, 20221:10 PM GMT+5:30Last Updated an hour ago Japan’s Toshiba slashes profit outlook after second-quarter slump
By Makiko Yamazaki The logo of Toshiba Corp is displayed atop of the company’s facility building in Kawasaki, Japan
The logo of Toshiba Corp is displayed atop of the company’s facility building in Kawasaki, Japan, June 24, 2022. REUTERS/Issei Kato
TOKYO, Nov 11 (Reuters) – Toshiba Corp (6502.T) on Friday cut its full-year operating profit outlook after a 75% slump in second-quarter profit – dismal results that heighten the uncertainty surrounding its prospects for a buyout deal.

The Japanese industrial conglomerate said its earnings were being hit by a slew of factors including a slump in the hard disk drive market and an appraisal loss on a drop in printer unit Toshiba Tec Corp’s (6588.T) share prices.

Advertisement · Scroll to continue

Report an ad
It cut its profit forecast for the year ending in March by roughly a quarter to 125 billion yen ($885 million).

Kioxia Holdings Corp, a memory chip maker some 40% owned by Toshiba, has also said it would cut production by about 30% from in October.

The chip market has been hit hard as demand for smartphones and personal computers slides due to sharply higher inflation for many economies, geopolitical tensions and COVID-19 lockdowns in China

Austin Collins

Austin Collins

Austin Collins is our Europe, Asia, & Middle East Correspondent. He covers news related to Stock Market. In past he has worked for many prestigious news & media organizations. He is based in Dubai