“Sharp Corp nudged its full-year profit outlook higher on Tuesday amid a turnaround under the ownership of Taiwanese contract manufacturer Foxconn, and said it plans to retire some preferred shares,” Reuters reports.

“The Osaka-based electronics maker, a supplier to Apple Inc, said it expects an operating profit of 112 billion yen ($993.88 million) in the year through next March compared with a previous 110 billion yen forecast,” Reuters reports. “The company has slashed costs after being taken over by Foxconn, formally known as Hon Hai Precision Industry Co Ltd, in 2016.”

Reuters reports, “Foxconn’s wide sales network has helped the company even as it struggles to compete with South Korean rivals in organic light-emitting diode (OLED) screen technology.”

Read more in the full article here.

MacDailyNews Take: Good news for Sharp. The company also plans to buy back 92,000 preferred shares from banks for 85 billion yen ($754 million) and cancel them.

SEE ALSO:
Apple-supplier Sharp’s first-quarter operating profit soars 45 percent – July 31, 2018
Sharp to ramp up IGZO panel production in quest to secure display orders for Apple’s new iPad models – March 23, 2018
Sharp increases OLED-investment plan to $878 million as Apple’s next iPhone to feature OLED – March 7, 2017
Apple supplier Sharp may begin building $7 billion U.S. plant in within months as Japan PM meets President Trump – February 8, 2017
Foxconn-Sharp considering LCD plant in USA, plans in response to President-elect Trump’s ‘Make in America’ call – January 13, 2017
With President Trump soon to take office, Apple looks to boost its ‘Made in America’ credentials – January 10, 2017
Sharp President confirms Apple iPhone transition to OLED displays – October 31, 2016
No, Apple’s plans for an OLED iPhone aren’t on hold – October 18, 2016
What if Apple iPhone adopts AMOLED next year? – October 3, 2016
Apple in talks with Sharp to supply OLED screens for future iPhones – September 30, 2016
Apple supplier Sharp names Foxconn exec as CEO to spearhead revival – May 12, 2016
Apple supplier Sharp preps AMOLED displays after Foxconn acquisition – April 6, 2016
Did Apple help Foxconn buy Sharp? – March 31, 2016
Apple supplier Foxconn agrees to buy Sharp after slashing original offer – March 30, 2016