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As Apple sales slow, Sharp looks to Samsung as its savior

Published May 14th, 2013 1:25PM EDT
Sharp Earnings

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.

Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.

His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.