Toshiba Climbs as Profit Outlook Improves on Higher Memory Sales

Toshiba Corp. raised its forecast for first-half operating profit by 36 percent to 95 billion yen ($906 million), crediting growth in memory chips and hard disk drives, as well as cost-cutting measures.

Revenue was also revised slightly higher, to 2.58 trillion yen from 2.55 trillion yen, the Japanese company said in a statement Monday. Analysts were projecting, on average, operating profit of about 62 billion yen on sales of 2.57 billion yen, according to estimates compiled by Bloomberg.