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Sharp posts smaller Q1 loss as it cuts costs
July 29, 2016 / 6:21 AM / a year ago

Sharp posts smaller Q1 loss as it cuts costs

TOKYO, July 29 (Reuters) - Japanese electronics maker Sharp Corp reported a smaller first-quarter loss helped by restructuring and cost cuts, although overall revenue suffered a steep decline.

Sharp said its April-June operating loss was 2.5 billion yen ($24 million) compared with a loss of 28.76 billion yen a year earlier. That was roughly in line with a Thomson Reuters Starmine SmartEstimate of a 2.1 billion yen loss drawn from four analysts.

The company has not released an earning forecast for the current business year due to its impending acquisition by Taiwan’s Foxconn, known formally as Hon Hai Precision Industry . ($1 = 104.7400 yen) (Reporting by Tim Kelly)

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