Japanese electronics maker, Sharp Corp, reported on Friday its first-quarter revenue dropped by a third as demand for its products slumped.
The ailing company, which is due to be acquired by Taiwan’s Foxconn, said in Tokyo that the revenue was hit by a drop-off in demand for smartphone camera modules, TV and tablet displays.
It said in a statement that the demand for solar panels in Japan had dropped.
It said that the loss was helped by restructuring and cost cuts.
Revenue tumbled 32 per cent to 423.4 billion yen (4.1 billion dollars).
The company has not released earning forecast for the current business year due to its impending acquisition by Foxconn, known formally as Hon Hai Precision Industry.
Foxconn plans to spend some 3.7 billion dollars to take a 64 per cent stake in the Japanese firm.
But it was unable to complete the acquisition in June as planned as antitrust clearance from China has not been forthcoming.
The agreement between the two companies calls for payment to be made by Oct.5.
“The delay hasn’t had any impact, but we want to move ahead as quickly as we can to realise synergies with Foxconn,” said Katsuaki Nomura, the Japanese company’s chief financial officer.
Foxconn founder, Terry Gou, has said there would have to be layoffs at Sharp to turn around the ailing panel maker, but pledged that wages would rise.
Asked about media reports saying that Sharp would lay off as many as 7,000 people, Nomura said that no decisions had been made.