updated 09:05 am EDT, Thu August 1, 2013
Quarterly loss considerable year-on-year improvement from $1.2B
Sharp has reported an improvement in its financial situation in its latest quarterly results, as the company fights to shake off the monetary issues endured in the last year. While it managed to report a loss of 19.9 billion yen ($182 million) for the quarter, it is a significant improvement from the $1.2 billion loss it endured last year.
Revenues according to The Next Web hit 607.9 billion yen ($6.2 billion) for the quarter, a 32.6-percent year-on-year improvement. Sharp believes this increased revenue is down to a combination of a weak Yen and an increase in smartphone sales, which in turn generated more shipments of its IGZO display panels to manufacturers, as well as camera modules.
While the financial results are a good sign for the company, enough for it to forecast a 5 billion yen ($51 million) profit for the entire financial year, it is still a troubled business. It has revealed a plan to cut 5,000 jobs over the next three years, seeked a $1 billion bailout loan from Japanese banks to cover a bond redemption, and reported a net loss of $5.3 billion for the full 2012-2013 financial year, a greater loss than any other year in its last 100 years of doing business.