Tokyo - Toshiba First-Quarter Profit Jumps On Cost Cuts, But Misses Estimates

By Reuters
Posted on 08/07/19 | News Source: Vosizneais

Tokyo - Japan’s Toshiba Corp reported on Wednesday a 10-fold jump in first-quarter operating profit as it stepped up cost cuts across divisions, but the profit missed analyst estimates.

The Japanese conglomerate posted an operating profit of 7.8 billion yen ($73.49 million) for the April-June quarter, up from 730 million yen a year earlier.

The result compared with the 11.63 billion yen average of 3 analyst estimates compiled by Refinitiv.

Toshiba maintained its annual profit forecast at 140 billion yen. It was in line with the target Toshiba set in its five-year plan.

($1 = 106.1300 yen)