August 7, 2019 / 4:30 AM / 19 days ago

Toshiba First-quarter profit jumps on cost cuts, but misses estimates

FILE PHOTO: The logo of Toshiba Corp. are seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File Photo

TOKYO (Reuters) - Japan’s Toshiba Corp reported on Wednesday a 10-fold jump in first-quarter operating profit as it stepped up cost cuts across divisions, but the profit missed analyst estimates.

The Japanese conglomerate posted an operating profit of 7.8 billion yen ($73.49 million) for the April-June quarter, up from 730 million yen a year earlier.

The result compared with the 11.63 billion yen average of 3 analyst estimates compiled by Refinitiv.

Toshiba maintained its annual profit forecast at 140 billion yen. It was in line with the target Toshiba set in its five-year plan.

Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman

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