Toshiba forecasts annual profit drop vs rise expected, limited virus impact

FILE PHOTO – The logo of Toshiba Corp is seen behind cherry blossoms at the company’s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Toshiba Corp forecast on Friday a 15.7% drop in annual operating profit compared with expectations of a small rise in profit, even as a recent portfolio overhaul helps the industrial conglomerate limit the impact of the coronavirus outbreak.

It forecast profit of 110 billion yen ($1 billion) for the year through March 2021, down from 130.46 billion yen a year earlier.

The outlook compared with the 136.71 billion yen average of 13 analyst estimates compiled by Refinitiv.

Since a crisis stemming from the bankruptcy of the U.S. nuclear power business in 2017, Toshiba has conducted a series of restructuring steps, including the sale of its laptop and television set businesses.

It is now focusing on social infrastructure businesses that are resilient to

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Alibaba revenue, profit beat as online sales surge during lockdown

FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China May 16, 2019. REUTERS/Jason Lee/File Photo

(Reuters) – China’s Alibaba Group Holding Ltd (BABA.N) reported better-than-expected quarterly revenue and profit on Friday, as the COVID-19 lockdowns drove more people to shop online for essentials.

The health crisis forced people to stay indoors and brick-and-mortar remained shut, resulting in a surge in demand for online orders.

Sales from the company’s core commerce business rose nearly 19% to 93.87 billion yuan ($13.16 billion) in the fourth quarter and revenue at its cloud computing business surged about 58%.

The e-commerce giant said it expects to generate over 650 billion yuan in revenue in fiscal 2021.

Overall revenue rose to 114.31 billion yuan ($16.02 billion) in the fourth quarter ended March 31 from about 93.50 billion yuan a year earlier.

Analysts had

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Lenovo profit beats estimates, sees growth as more people work from home

FILE PHOTO: An employee gestures next to a Lenovo logo at Lenovo Tech World in Beijing, China November 15, 2019. REUTERS/Jason Lee

HONG KONG (Reuters) – Lenovo Group, the world’s biggest maker of personal computers, reported a deep slump in fourth-quarter profit due to disruptions caused by the coronavirus crisis, although the result was far better than expectations.

Lenovo Chairman Yang Yuanqing told Reuters production was back on track and he expects to see year-on-year revenue growth this quarter for its PC and smart devices business and its data centre business as more people work from home permanently.

He told a separate briefing the company estimates that in two to three years the total addressable market for PCs industry-wide may have increased by 25% to 30%.

Net profit tumbled 64% in January-March to $43 million but was ahead of a Refinitiv consensus estimate of $7.5 million. Revenue slid 9.7% to

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Panasonic annual profit slides, but Tesla battery venture logs second quarterly gain

TOKYO (Reuters) – Japan’s Panasonic Corp (6752.T) posted on Monday a 29% drop in annual operating profit amid the coronavirus outbreak but said its battery cells joint venture with major customer Tesla Inc (TSLA.O) logged a second straight quarterly profit.

FILE PHOTO: The Panasonic booth is shown during the 2020 CES in Las Vegas, Nevada, U.S. January 7, 2020. REUTERS/Steve Marcus

Panasonic did not issue an earnings forecast for the current year due to uncertainty from the virus, joining a number of Japanese electronics companies, including Sony Corp (6758.T) and Canon Inc (7751.T), in refraining from providing outlooks.

Operating profit for the year ended in March came in at 293.75 billion yen ($2.74 billion), in line with an average estimate of 295.3 billion yen profit drawn from 17 analysts polled by Refinitiv.

Analysts have forecast an average 225.46 billion yen profit for

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