Toyota Q1 profit slides 42%, falls short of estimates
2022.08.04 07:46
The Toyota emblem is seen on the tyre rim of a vehicle during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand July 14, 202
TOKYO (Reuters) – Japan’s Toyota Motor (NYSE:TM) Corp on Thursday posted a worse-than-expected 42% drop in first-quarter operating profit, as auto production was curbed by COVID-19 restrictions on factories in China and a global semiconductor shortage.
Operating profit for the three months ended June 30 fell to 578.66 billion yen ($4.3 billion), falling far short of the average 845.8 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 997.4 billion yen profit.
($1 = 133.7200 yen)
