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12.08.2020

Toshiba reports first quarterly operating loss

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The company maintained its annual profit forecast at 110 billion yen

Stocks impacted: Toshiba (6502)

Citing the coronavirus pandemic that hit demand for its products, Toshiba reported its first quarterly operating loss in nearly four years. The operating loss came in at 12.6 billion yen ($118 million) in the second quarter, versus a year-before profit of 7.83 billion yen and an estimate for a 3.43-billion-yen loss. At the same time, the Japanese industrial conglomerate maintained its annual profit forecast at 110 billion yen, down 15.7% from the previous year. The company refrained from a more aggressive downward revision, citing its public infrastructure businesses that are fairly resilient to the current global economic crisis. Earlier this week, the Japanese company said it has sold its final stake in the personal computer maker Dynabook. Sharp, which bought 80% of Toshiba's personal computing arm two years ago, has now bought the remaining shares.

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