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Toshiba slashes profit forecast
Wednesday 19th March 2008, 2:32PM GMT.
Toshiba has slashed its profit forecast for 2007 by a third after the decision to drop its HD DVD format cost the company JPY65 billion (£330 million).
The Japanese electronics company ditched the format last month after deciding sales were not high enough to continue with its battle against Sony’s Blu-Ray, leaving the market for next-generation DVD players open to its rival.
But the move has cost the company, as it revealed in a revised profit forecast today.
Toshiba cut its net income prediction to JPY125 billion (£632 million) for the year ending March 31st 2008 from a prediction of JPY180 billion made in October.
Last year, Toshiba posted profits of JPY137.4 billion (£910 million).
A decline in the sales prices of the company’s NAND flash-memory cards also dented profit expectations, the company said.
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