Sharp Forecasts Record $3.8 Billion Loss on TVs, Write-Off
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Sharp Corp. forecast its worst annual loss since it was founded a century ago, on slumping prices for its Aquos televisions, an economic slowdown and a tax charge.
The net loss in the year ending March 31 may be 290 billion yen ($3.8 billion), the Japanese electronics maker said in a statement today, reversing an earlier forecast for a profit of 6 billion yen. That compares with the average 16.2 billion-yen loss from 24 analysts’ estimates compiled by Bloomberg. Sharp cut its revenue forecast by 8.9 percent and said operating profit will be zero.