• About
  • Privacy Policy
  • Contact
Tech Newsday
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News
No Result
View All Result
Tech Newsday
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News
No Result
View All Result
Tech Newsday
No Result
View All Result
Home Companies

Toshiba Bounces Back To Q1 Profit, In Line With Estimates

TND News Desk by TND News Desk
August 16, 2021
in Companies
0 0
0

Toshiba Corp said it returned to profit in the first quarter as sales of automotive chips and hard drives bounced back from a pandemic-induced drop in demand.

Toshiba reported an operating profit of 14.5 billion yen ($132 million) for the April-June period, in line with estimates and reversing a previous-year loss of 12.6 billion yen, the fourth consecutive quarter in which revenue rose 21%.

Satoshi Tsunakawa, a longtime Toshiba executive who held both positions on an interim basis, told reporters he hoped an extraordinary general meeting would be held by the end of the year to appoint a new chairman.

An independent investigation in June concluded that Toshiba conspired with Japan’s powerful trade ministry to prevent investors from gaining influence at last year’s general meeting – an explosive finding that ended with the ouster of its board chairman.

Toshiba’s former CEO left the company in April amid controversy over a $20 billion takeover bid from CVC Capital Partners that the company rejected, to the anger of some shareholders. That in turn has prompted Toshiba to promise a strategic review.

Toshiba will unveil a new midterm business plan in October, as it continues to build new profit drivers following the sale of its valuable memory chip division and the bankruptcy of its U.S. nuclear business, both of which occurred in the wake of infamous accounting scandals.

For more information, read the original story in Reuters.

Tags: Toshiba

Subscribe

About Tech News Day

In just 10 minutes you will have all your leadership tech news needs covered. Our Editors browse the top tech news sites for you, get rid of the fluff and post summaries of the best. Our content is created by trained professionals and enhanced for IT leaders using leading edge artificial intelligence.

About

Tech Newsday

Tech News Day picks the new, most relevant tech stories.

Our selection is done by industry professionals – executives like you who pick the top stories for that day. Our writers summarize these to give you a quick summary and the key takeaways.

SUBSCRIBE

Categories

  • Artificial Intelligence
  • Auto Tech
  • Blockchain
  • Careers & Education
  • Channel Strategy
  • Cloud
  • Communications & Telecom
  • Companies
  • Data & Ananytics
  • Development
  • Digital Transformation
  • Distribution
  • Diversity & Inclusion
  • eCommerce
  • Emerging Tech
  • End User Hardware
  • Engineering
  • Financial
  • Fintech
  • Future of Work
  • Governance
  • Government & Public Sector
  • Human Resources
  • Infrastructure
  • IoT
  • Leadership
  • Legal
  • Legislation & Regulation
  • Managed Services & Outsourcing
  • Marketing
  • Martech
  • Medical
  • Mobility
  • Not for Profit
  • Open Source
  • Operations
  • People
  • Podcasts
  • Privacy
  • Security
  • Service
  • Smart Home
  • SMB
  • Social Networks
  • Software
  • Supply Chain
  • Sustainability
  • Today's News
  • Top Stories This Week
  • Women in Tech
  • Home
  • Today’s News
  • About
  • Privacy
  • Contact

2022 Tech News Day

No Result
View All Result
  • Security
  • Future of Work
  • Mobility
  • Emerging Tech
  • Today’s News

2022 Tech News Day

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00