Sharp Widens Loss Forecast to $4.7 Billion as TV Sales Slump
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Sharp Corp., the Japanese TV maker that’s turning to Foxconn Technology Group and founder Terry Gou for a $1.6 billion investment, widened its record loss forecast to 380 billion yen ($4.7 billion).
The net loss in the year ended March 31 is projected to be 31 percent higher than the company’s February forecast for a 290 billion-yen loss. That reversed an earlier forecast for a profit of 6 billion yen. The prediction is for the worst annual loss since the company was founded a century ago.