Sharp needs help. The consumer electronics company on Tuesday posted a worse-than-expected $5.4 billion loss for the previous fiscal year, and it released its plan to turn things around over the coming three years. For one thing, the company intends to tap banks for $1.5 billion in funds. Sharp also said it will look to boost smartphone display sales to Samsung as business with its top client Apple begins to slow.
“A key challenge for Sharp’s recovery, however, is keeping its factories busy enough to earn profits that will satisfy its creditors despite slowing growth in its business making screens for Apple’s iPads and iPhones,” Reuters’ Reiji Murai and Tim Kelly wrote in a report on Tuesday.
Sharp said it expects to swing to a profit of approximately $787 million in the current fiscal year.