Toshiba Falls on Report It Missed Profit Forecast: Tokyo Mover
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Toshiba Corp. fell the most in two years in Tokyo trading after the Nikkei newspaper reported a weaker yen increased costs, causing the maker of memory chips, televisions and nuclear reactors to miss its profit forecast.
Toshiba declined as much as 7.8 percent, headed for the biggest drop since March 2011, to 497 yen and traded at 517 yen as of 10:28 a.m. Operating profit was about 200 billion yen ($2 billion), 60 billion yen short of Tokyo-based Toshiba’s estimate, in the year ended March 31, the newspaper reported, without saying where it got the information.