Sharp reports 38% drop in June quarter profit, beats analyst estimates

Japan-based Apple supplier Sharp on Wednesday reported a 37.8% drop in first-quarter operating profit as the COVID-19 shutdowns weighed on sales of electronics devices and office printers.

The maker of sensors, camera modules, and screens for Apple iPhones and iPads posted an operating profit of 9 billion yen ($85.2 million) for the April-June quarter, down from 14.61 billion yen year-over-year.


The result topped the 28.6 million yen average of seven analyst estimates compiled by Refinitiv.

Sharp forecast a rise in operating profit for the year though March 2021 of 55.4% to 82 billion yen, versus a consensus analyst estimate of 53.30 billion, thanks to strong demand for home appliances from people staying at home.

MacDailyNews Take: May the second half of 2020 be far better than the first (wouldn’t be hard).

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