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Sharp's first-quarter profit down 41%, below estimates

Sharp's first-quarter profit down 41%, below estimates
FILE PHOTO: A logo of Sharp Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo -
Toru Hanai(Reuters)
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TOKYO (Reuters) – Sharp Corp reported a 41% drop in quarterly operating profit as an escalating trade war between the United States and China dampened demand for its electronics devices and television sets.

The trade dispute, punctuated by tit-for-tat import tariffs spanning industries, has slowed demand for consumer electronics worldwide, hitting both Sharp and its Taiwanese parent Foxconn, the world’s largest contract manufacturer.

Sharp, which makes sensors, camera modules and screens for Apple Inc’s iPhones, posted an operating profit of 14.61 billion yen (£110.42 million) for the first quarter ended June, down from 24.8 billion yen a year prior.

That compared with an 18.84 billion yen average of five analyst estimates compiled by Refinitiv.

Sharp maintained its profit forecast for the year ending March at 100 billion yen, versus a consensus estimate of 90.42 billion yen from 9 analysts.

(Reporting by Makiko Yamazaki; Editing by Himani Sarkar)

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