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Money News

Sharp reports 38% drop in first-quarter operating profit, beats analyst estimates

FILE PHOTO: A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. Picture taken October 3, 2016. REUTERS/Toru Hanai

TOKYO (Reuters) - 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.

($1 = 105.6500 yen)

Reporting by Makiko Yamazaki; editing by Jason Neely

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