NEW YORK (TheStreet) -- Popular searches on the Internet Tuesday include
Toshiba as the company reported a 72% drop in quarterly operating profit and cut its annual profit forecast.
Japan's biggest chipmaker cut its annual profit forecast by 54% as floods in Thailand, a strong
yen and declining demand prompted by Europe's debt crisis weighed on the company. Toshiba's cut its annual operating profit forecast to 200 billion yen ($2.62 billion), compared to analysts' estimates of 275 billion yen.
The company slashed its annual television sales forecast as well, citing declining domestic sales. The poor TV sales prompted the company to cut its TV sales forecast for the year ending March 31 to 15 million TVs from 18 million. The company said flooding in Thailand halted some of its manufacturing lines which weighed on quarterly earnings.
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