July 31, 2014 / 6:21 AM / in 3 years

Toshiba quarterly profit jumps 57 pct on smartphone demand

TOKYO, July 31 (Reuters) - Toshiba Corp, the world’s No.2 producer of NAND flash memory chips for smartphones, posted a 57 percent increase in operating profit for the April-June quarter compared to a year ago, boosted by growth in smartphone demand.

Toshiba’s operating profit of 39.5 billion yen ($384.35 million) was a record high first-quarter result, but below expectations of 44.9 billion yen, the mean of seven analysts’ estimates according to Thomson Reuters StarMine.

The company kept its operating profit target for the year to March 2015 unchanged at a record 330 billion yen. (Reporting by Teppei Kasai and Yoshiyasu Shida; Editing by Matt Driskill)

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