Reuters reports that the Japanese leading chip maker Toshiba is expecting a 45 percent jump in profits this business year over the increase in demand for its flash memory chips used in Apple iPhones. Toshiba forecast an annual operating profit of 300 billion yen ($3.75 billion), above the mean estimate of 281.9 billion yen from a poll of 22 analysts by Thomson Reuters I/B/E/S.
“Their digital products section is 28.2 billion yen in the red, and they say they’re going to get 15 billion into the black this year – that may be overshooting a little bit,” said Fujio Ando, senior managing director at Chibagin Asset Management.
“Demand for LCD television fell off sharply in domestic markets,” said Corporate Executive Vice President Makoto Kubo. The results were broadly in line with the consensus estimate of 208.7 billion yen profit expected by 22 analysts surveyed by Thomson Reuters I/B/E/S.