Sharp posts smaller first quarter loss on cost cuts but revenue slides
Reuters
Published Jul 29, 2016 02:59AM ET
Sharp posts smaller first quarter loss on cost cuts but revenue slides
TOKYO (Reuters) - Japanese electronics maker Sharp Corp reported a smaller first-quarter loss helped by restructuring and cost cuts, although overall revenue suffered a steep decline.
Sharp said its April-June operating loss was 2.5 billion yen ($24 million) compared with a loss of 28.76 billion yen a year earlier. That was roughly in line with a Thomson Reuters Starmine SmartEstimate of a 2.1 billion yen loss drawn from four analysts.
Revenue fell 32 percent in the quarter.
The company has not released an earning forecast for the current business year due to its impending acquisition by Taiwan's Foxconn, known formally as Hon Hai Precision Industry.
Foxconn was unable to complete its acquisition of Sharp in June as planned because antitrust clearance from China has not been forthcoming. It is investing 388.8 billion yen ($3.7 billion) to take a 63.64 percent stake in Sharp.
Foxconn founder Terry Gou has said there will have to be layoffs at Sharp to turn around the ailing panel maker, but pledged that wages would rise.
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Written By: Reuters
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