Sat, 15-May-2021
Wednesday 05 Aug 2020 , 10:12 am

Sharp Reports 38% Drop in First-quarter Operating Profit

The maker of sensors, camera modules and screens for Apple Inc’s iPhones posted an operating profit of 9 billion yen ($85.2 million) for the April-June quarter, down from 14.61 billion yen a year earlier.
By SIN Bureau
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Japan’s Sharp Corp on Wednesday reported a 37.8% drop in first-quarter operating profit as the coronavirus pandemic weighed on sales of electronics devices and office printers.

The maker of sensors, camera modules and screens for Apple Inc’s iPhones posted an operating profit of 9 billion yen ($85.2 million) for the April-June quarter, down from 14.61 billion yen a year earlier.

The result topped the 28.6 million yen average of seven analyst estimates compiled by Refinitiv.

Sharp forecast a rise in operating profit for the year though March 2021 of 55.4% to 82 billion yen, versus a consensus analyst estimate of 53.30 billion, thanks to strong demand for home appliances from people staying at home.

Sharp, a unit of Taiwan’s Foxconn, has said it will spin off its low-margin liquid crystal display and camera module businesses, both of which have Apple as a client.

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Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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