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Toshiba slashes proft forecast by 30%

Weak chip prices, slow notebook sales

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Toshiba has slashed its full year profit forecast by 30 per cent because of weak memory chip prices and poor notebook sales in the US.

PC sales estimates have dropped to ¥720 billion ($6.3 billion) from ¥810 billion ($7.03 billion) for the year to March 31. Chip revenues have been dropped to ¥1,120 billion ($9.77 billion) from ¥1,180 billion.

Toshiba now expects to report net income of ¥96 billion ($835 million) for the year, from its October forecast of ¥137 billion. It lost ¥44.8 billion last year.

The company will also shed 500 staff from its California business. ®

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