Shares of Foxconn, Sharp slide after Japan company's big writedown

TOKYO/TAIPEI :Shares of Taiwan's Foxconn and Sharp Corp, the Japanese electronics maker it holds a 34 per cent stake in, fell on Friday after Sharp reported a $1.9 billion loss on write-downs of its panel display business and other assets.

Foxconn, the world's largest contract electronics maker, on Thursday attributed a 56 per cent slump in first-quarter profit to a T$17.3 billion writedown related to its stake in Sharp and said visibility for the full year was limited. It said it expected revenues for cloud and networking products in 2023 to be flat amid a sluggish economy, compared to a previous forecast of significant growth for those sectors.

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