Sharp cut its earnings forecast for the current fiscal year amid higher costs driven by the situation in Iran and the yen's depreciation, and said net income is expected to decline by more than 40% from its initial forecast.
Sharp, a major electronics manufacturer, has cut its earnings forecast for the current fiscal year. Net income is now expected to decline by more than 40% from the initial forecast.
The company cited surging raw material and fuel prices as factors behind the downward revision. It explained that the situation in Iran and the yen's continued depreciation were contributing to the increase.