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Apple supplier Japan Display posts tenth straight quarter of net loss

Apple supplier Japan Display posts tenth straight quarter of net loss

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FILE PHOTO: Japan Display Inc’s logo is pictured at its headquarters in Tokyo, Japan, August 9, 2016. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) – Cash-strapped Japan Display Inc reported on Friday its tenth consecutive quarterly loss, hit by weak iPhone sales at its biggest client Apple Inc.

The liquid crystal display (LCD) maker for smartphones, which gets more than half of its revenue from Apple, posted a net loss of 83.27 billion yen ($786.53 million) in the April-June quarter, far wider than the 1.77 billion loss a year earlier.

Japan Display, money-losing for the past five years, declined to give a full-year earnings outlook, but has previously warned it cannot guarantee a return to profit this year as demand for smartphone screens stays weak.

Apple said last week sales of the smartphone fell 12% globally to $25.99 billion in the quarter to June, after a 17% drop in the prior quarter.

Reporting by Makiko Yamazaki; Editing by Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.

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