Robot Maker Fanuc Sinks as China, Chip Supply Woes Dim Outlook
- Keyence, other Japanese automation sector peers also decline
- Demand slowed more than expected, MUFJ-MS’s Sasaki says
A Fanuc Corp. industrial robot lifts a vehicle during a demonstration at the International Robot Exhibition in Tokyo in March.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Shares of Fanuc Corp., a Japanese maker of robots and other machinery, slid by the most since April after the firm cut its profit outlook on part-supply difficulties and a weak outlook for Chinese business.
The stock dropped as much as 8.3%, weighing down peers such as Keyence Corp., which reports earnings later Friday, and Yaskawa Electric Corp. The trio, keenly watched by foreign investors, are all down more than 20% this year as rising US interest rates and recession fears batter the global tech sector.