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Toshiba falls 7 pct on Apple results, NAND production cuts
July 25, 2012 / 12:50 AM / 5 years ago

Toshiba falls 7 pct on Apple results, NAND production cuts

TOKYO, July 25 (Reuters) - Shares in Japan’s Toshiba Corp fell 7 percent to a more than three-year low early on Wednesday after Apple Inc posted worse-than-expected results and the company said it would cut memory chip production by 30 percent.

Toshiba, which supplies NAND flash memory chips to Apple, fell 6.9 percent to 243 yen after the U.S. technology giant sold fewer iPhones in the April-June quarter.

Toshiba said on Tuesday it would cut back production of its memory chips to weather tumbling prices and oversupply. (Reporting by Mari Saito; Editing by Chang-Ran Kim)

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