Sharp in Japan halves full-year profit forecasts when the virus reaches technology demand

PHOTO FILE: A Sharp Corp logo is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at Makuhari Messe in Chiba, Japan, October 3 2016. Photo taken on October 3 2016. REUTERS / Toru Hanai

TOKYO (Reuters) – Japan’s Sharp Corp, an Apple Inc. provider, cut its full-year earnings forecast by 48% on Friday, as demand for tech devices suffered a blow from the outbreak of the coronavirus.

Sharp, which manufactures sensors, camera modules and screens for Apple’s iPhones, forecast annual operating profit for the year ending March with 52 billion yen ($ 489 million), down from previous expectations of 100 billion yen.

The company, a unit of Taiwanese Foxconn, said the coronavirus epidemic damaged its suppliers’ operations, stopped producing and distributing components and increased sales.

Net profit was 20 billion yen, down 75% from previous forecast of 80 billion yen.

Reporting by David Dolan; Written by Miyoung Kim; Editing by Jacqueline Wong

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