Japan's Sharp To Exit Americas Tv Market After Deep First Quarter Loss

[Ron Burgundy]

Japan's Sharp Corp on Friday announced it was exiting the TV business in the Americas to shore up its finances, after booking a deeper-than-expected quarterly loss on weak smartphone display sales. "Sharp has not been able to fully adapt to the intensifying market competition, which led to significantly lower profits compared to the initial projections for the previous fiscal year, and has been suffering from poor earnings performance," Sharp said in a statement explaining the TV deal. Osaka-based Sharp, which gains much of its revenue from liquid crystal displays and TV sets, has focused on high-end screens to protect profit margins and avoid directly competing with cheaper Chinese and South Korean rivals.

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