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Sharp’s shares fall as the electronics maker forecast a 32% fall in net income

Sharp Corp. 6753,
-6.26%
Shares fell sharply Thursday morning after the electronics maker forecast a 32% fall in net profit for the fiscal year, citing a deterioration in the market for large liquid crystal display panels.

The company’s shares recently fell 7.3% to 1,007 yen after previously falling as much as 8.7%.

Sharp said after the market close on Wednesday that it expects net income for the fiscal year ending March 2023 to fall to Y50.00 billion (US$372.4 million) from Y73.99 billion in the previous fiscal year. It forecasts revenue to rise to 2.7 trillion yen from 2.496 trillion yen.

The Japanese unit of Foxconn Technology Group 2354,
+0.53%
said it took into account the impact of the COVID-19 lockdowns in China and the earnings prospects of Sakai Display Products Corp., a display subsidiary Sharp plans to fully acquire.

Sharp expects the impact of supply chain disruptions to continue and the cost of chips and raw materials to remain elevated for now.

The Topix electronics manufacturing sub-index was last down 0.7% and the Nikkei Stock Average NIK,
+0.16%
fell by 0.1%.

https://www.marketwatch.com/story/sharp-corp-shares-fall-sharply-as-it-projects-net-profit-drop-271654740093?rss=1&siteid=rss Sharp’s shares fall as the electronics maker forecast a 32% fall in net income

Brian Lowry

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