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Toshiba Reports Lower Sales, Loss In Fiscal Q3

1/29/2009 10:51:00 AM Eastern

Tokyo – Toshiba reported lower fiscal third-quarter sales, a deeper quarterly loss, and is projecting a $3.1 billion loss for the fiscal year ending March 31.

The biggest losses are coming from its semiconductor business and Toshiba said it will cut costs by 15 percent, shift semiconductor production to cheaper markets and cut 4,500 temporary jobs in Japan.

Like Sony, which reported earlier today, Toshiba was hit by the appreciation of the yen and the overall worldwide downturn.

Toshiba’s third quarter sales dropped by 390.2 billion yen to $16.4 billion and its net loss for the quarter was $1.56 billion, a decrease in yen of 200.9 million.

Net sales and operating losses were deeper in the quarter for digital products, with sales down 27 percent and an operating loss of 27.3 billion yen. Mobile phones suffered from lower sales and fewer shipments, with TVs and PCs having lower sales and price erosion.