Sharp Turns Introspective on Twitter as Recovery Plan ScoffedAnna Kitanaka and Toshiro Hasegawa
On a bad day for Sharp Corp., the Japanese manufacturer took to the Internet to process its feelings.
“Indeed, it’s hard to tweet today,” the company wrote on its official Twitter feed.
Sharp’s latest revival strategy, unveiled Thursday, was met with skepticism by analysts and investors alike. Shares slid as much as 12 percent in Tokyo on Friday to cap their worst week since 2008. Bank of America Corp.’s Merrill Lynch unit and UBS Group AG say the stock will fall at least 68 percent more. Even the Nikkei newspaper criticized Sharp’s plan.
“I have things I want to say,” Sharp wrote in Japanese to its 202,000 Twitter followers, referring to the company as if it were a person. “But today I’m just going to take it all in.”
Sharp closed 7 percent lower at 186 yen after the company posted a net loss more than seven times its projection, vowed to cut 10 percent of its workforce and said it would take another lifeline from lenders. UBS says the shares will drop to 40 yen, while Merrill Lynch is predicting 60 yen. The company’s restructuring plan “falls short,” the Nikkei wrote.
“I may have felt depressed earlier,” Sharp posted on Twitter. “But I haven’t lost my spirit.”