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Dow Jones Newswires: Sharp Corp. shares decline after guidance cut

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Sharp Corp.
6753,
-2.82%

shares fell Monday, after the Japanese electronic products maker lowered its full-year net profit forecast because of weaker display demand.

The shares lost as much as 6.5% to 830 yen in early trade, and were recently 3.5% lower.

The Japanese unit of Foxconn Technology Group
2354,
+1.31%

reported Friday a net loss of 16.5 billion yen ($112.5 million) for the quarter ended Sept. 30 compared with a net profit of Y20.8 billion in the same period a year earlier.

Sharp said its display device business was the biggest drag on its earnings, swinging to a operating loss of Y12.9 billion compared with a Y5.9 billion operating profit a year earlier. Display sales dropped as demand weakened for smartphone panels and as China’s COVID-19 lockdowns weighed on production.

Its fiscal second-quarter revenue rose 15% on year to Y695.8 billion.

The company lowered its full-year net-profit guidance to Y5.00 billion from Y50.00 billion previously, as it expects some deterioration in the display market.

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