Sharp reports a smaller than expected second quarter loss

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Sharp reports a smaller than expected second quarter loss

Sharp, the Japanese electronics maker that supplies screens to Apple, posted a narrower loss than analyst estimates as sales of liquid-crystal displays and solar cells rose.

The net loss totaled 18 billion yen ($183 million) in the three months ended June 30, compared with the 138 billion yen loss a year earlier, the Osaka-based company said in a statement yesterday. Sharp was expected to post a loss of 24 billion yen, according to the median estimate of three analysts surveyed by Bloomberg News.

Sharp, which is benefiting from a weaker yen and cost cuts, needs additional funds to boost its capital ratio, executive Tetsuo Onishi said today in Tokyo. The company, which previously sold stakes to Qualcomm and Samsung Electronics, plans to raise about 100 billion yen through public and private share sales in September, people familiar with the situation said yesterday

Bloomberg

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