Toyota (TM) slashed its outlook for earnings and car sales on Friday, reflecting the impact of two massive natural disasters and the strength of the Yen. Toyota’s production was severely hampered by the massive earthquake and tsunami that hit Japan earlier this year, and the more recent flooding in Thailand.
Toyota cut its earnings outlook to 180 billion yen, about 54% below the company’s previous estimates, the Wall Street Journal noted. Last year, the company earned 408 billion yen.
Toyota has also lost about 2.5 points of market share in the past year, the Journal notes.
Toyota shares are down 2.8% this afternoon.
No comments:
Post a Comment