(MENAFN) Japan's Sharp Corp. announced it had booked a net loss of USD274 million in the April-to-June period, marking the fifth straight year of red ink.
With sluggish sales of LCD displays for its smartphone sector weighing heavily on the firm's balance sheet, the Osaka-based electronics maker said it plans to exit the TV market in the Americas.
The embattled electronics maker also said its group operating loss came at USD231.86 million, tumbling from a USD37.65 million profit booked a year earlier, with sales dropping to USD4.98 billion.
"Sharp has not been able to fully adapt to the intensifying market competition, which led to significantly lower profits compared to the initial projections," Sharp said in a statement.
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