Industrial group hit by falling demand for disc drives from data centres
Toshiba cut its annual earnings estimate after third-quarter profit slumped and its chief operating officer resigned over the inappropriate use of entertainment expenses. Photograph: Philip Fong / AFP via Getty ImagesToshiba cut its annual earnings estimate after third-quarter profit slumped and its chief operating officer resigned over the inappropriate use of entertainment expenses.
The weak performance and the departure of Goro Yanase come at a time when the scandal-ridden industrial conglomerate is assessing a binding buyout proposal from a consortium led by private equity firm Japan Industrial Partners . The sluggish results “would make it hard for a bidder to offer a high price [for a buyout],” said Yoshiharu Izumi, senior equity analyst at SBI Securities.
Hit by weak demand for hard disk drives from data centre customers, Toshiba said quarterly operating profit fell 88 per cent to 5.3 billion yen , far below the Refinitiv consensus estimate of Y37 billion.
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