Sharp Posts Annual Loss, Reaches Financing Deal With Lenders

Sharp Corp. President Kozo Takahashi
Kozo Takahashi, president of Sharp Corp., right, speaks to members of the media following a news conference in Tokyo on May 14, 2015. Photographer: Akio Kon/Bloomberg

Sharp Corp. posted a full-year loss that was wider than expected as the debt-saddled display maker for Apple Inc. cut jobs and received financial support from its main lenders.

The company reported a net loss of 222.4 billion yen ($1.9 billion) in the year ended March 31, according to a statement released Thursday. That compares with the 30.7 billion-yen average loss estimate of 12 analysts compiled by Bloomberg.

The company, once synonymous with cutting-edge TVs and home electronics, has struggled under its debt to keep up with rivals diversifying into software and content businesses. Sharp, which went to the brink of bankruptcy in 2012, received a lifeline from lenders under condition it cuts jobs, closes plants and reduces capital.

Neither the company’s Aquos smartphones nor its TVs are among the top 10 sellers globally by units, according to data compiled by Bloomberg.

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