TOKYO (Reuters) - Japan's Sharp Corp (T:6753) on Wednesday reported a 37.8% drop in first-quarter operating profit as the coronavirus pandemic weighed on sales of electronics devices and office printers.
The maker of sensors, camera modules and screens for Apple Inc's (O:AAPL) iPhones posted an operating profit of 9 billion yen ($85.2 million) for the April-June quarter, down from 14.61 billion yen a year earlier.
The result topped the 28.6 million yen average of seven analyst estimates compiled by Refinitiv.
Sharp forecast a rise in operating profit for the year though March 2021 of 55.4% to 82 billion yen, versus a consensus analyst estimate of 53.30 billion, thanks to strong demand for home appliances from people staying at home.
Sharp, a unit of Taiwan's Foxconn (TW:2317), has said it will spin off its low-margin liquid crystal display and camera module businesses, both of which have Apple as a client.