TOKYO -- Toshiba on Wednesday slashed its operating profit forecast for fiscal 2018 by 66% to 20 billion yen ($181 million), barely three months after forecasting 60 billion yen for the year.
The cut came as the group reported a 94% plunge in operating profit for the third quarter to 1 billion yen, on a 6% drop in revenue. Rising costs in its energy business and a 9.8 billion yen goodwill impairment to semiconductor equipment subsidiary NuFlare Technology -- stemming from a sharp decline in share price -- accounted for the drop in earnings and the revised forecast, the group said.
