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Toshiba Cuts Forecast on Global Economy Worries

October 31, 2012

Japan's Toshiba Corp cut its full-year operating profit forecast by 13 percent to 260 billion yen ($3.3 billion) on Wednesday, saying the uncertain global economy weighed on its prospects.

The company said the continuing European debt crisis, slowdowns in China and India, and a strong yen were combining to "increase uncertainty about the future."

For the July-September period, Toshiba posted an operating profit of 57.5 billion yen, slightly better than expected, but down 23 percent from a year ago due to revenue and profit declines in its semiconductor, television and home appliance segments.

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