Toshiba quarterly profit jumps on cost cuts, but misses estimates

Japan's Toshiba Corp reported on Wednesday a 10-fold jump in first...

FILE PHOTO - Toshiba Corp logo is seen at the company's headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato

TOKYO - Japan’s Toshiba Corp reported on Wednesday a 10-fold jump in first-quarter operating profit as it stepped up cost cuts across divisions, but the profit missed analyst estimates. The Japanese conglomerate has been consolidating factories, cutting jobs, revamping the procurement method to compensate for the loss of the prized chip business, sold last year to plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear power unit.

Toshiba, however, is still struggling to grow profits in businesses that it sees as the next growth drivers, such as batteries, power management devices and medical equipment. The company reported an operating profit of 7.8 billion yen for the April-June quarter, up from 730 million yen a year earlier.Toshiba maintained its annual profit forecast at 140 billion yen, in line with the target the company set in its five-year plan.Our Standards:

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