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The Wall Street Journal: Toyota cuts earnings forecast as profit is hurt by rising yen

Toyota Motor Corp. revised down its full-year earnings projection after first-quarter net profit tumbled on a strengthening yen and as the Japanese auto maker plays catch-up with changing U.S. consumer tastes.

Japan’s largest car maker by global sales expects a net income of ¥1.45 trillion ($14.3 billion) in the financial year ending March 2017, down from its May forecast of ¥1.5 trillion on the stronger-than-anticipated yen. Toyota 7203, +1.83%TM, +0.09% plans to cut costs and ramp up sales in response.

The revision comes as cheap gasoline prices in the U.S. drive a resurgence in truck and SUV sales.

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