“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.”
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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.
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