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Japan's Murata forecasts 28% profit drop on smartphone slump

Parts maker scales back output amid weak demand and swelling inventories

Murata downgraded its fiscal 2022 profit forecast a second time on Feb. 2.   © Reuters

KYOTO -- Japanese electronic components supplier Murata Manufacturing on Thursday cut its group net profit forecast for fiscal 2022 to 226 billion yen ($1.76 billion), down 28% on the year, citing a sharp decline in demand for smartphones and computers.

The 71 billion yen downgrade was its second for the fiscal year ending March 31. Sales are now expected to fall 7% to 1.68 trillion yen, and operating profit to drop 30% to 295 billion yen, both down from its last estimates in October.

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