Renesas Electronics Posts Narrower FQ3 Loss, Lowers Forecast

Renesas Electronics Corp

reported a narrower net loss for the fiscal third quarter and cut its earnings forecast for this fiscal year ending March. Renesas Electronics posted a net loss of Y2.41 billion, versus a year-ago net loss of Y17.58 billion. Its sales dropped 19% to Y222.86 billion, from Y275.17 billion. It posted an operating loss of Y3.97 billion, versus a year-ago profit of Y3.41 billion. Renesas Electronics now projects a net loss of Y57 billion, versus a net loss of Y40 billion. It also lowered its sales forecast to Y885 billion from Y968 billion.