Toshiba More Than Doubles Profit Outlook as Yen Drives Sales
- The company’s shares climb as much as 4.7% in Tokyo trading
- Toshiba leaves full-year profit and sales outlook unchanged
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Toshiba Corp. raised its forecast for first-half operating profit to 70 billion yen ($696 million) from 30 billion yen, crediting growth in storage and electronic devices for a more than doubling of its earnings outlook.
A weaker-than-expected yen and sales of hard drives and smartphone memory are the main factors, the Japanese company said in a statement Wednesday. Toshiba’s shares climbed as much as 4.7 percent in Tokyo as of 1:40 p.m.