Sharp Shares Fall on Wider-Than-Estimated Loss Forecast
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Sharp Corp., Japan’s largest maker of liquid-crystal displays, fell to the lowest in 33 years in Tokyo trading after forecasting a wider-than-expected full-year net loss amid slow demand for televisions.
The shares dropped 9.3 percent to close at 468 yen, the stock’s lowest since Aug. 21, 1979. Japan’s benchmark Nikkei 225 Stock Average fell 1.8 percent. The maker of Aquos televisions said April 27 it will probably post a 30 billion yen ($376 million) net loss for the year started April 1, compared with the 7.6 billion-yen average loss forecast of 23 analyst estimates compiled by Bloomberg.