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Fujitsu cuts earnings forecasts

Fujitsu has cut its net...

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Fujitsu has cut its net profit forecast for 2008 by 40% because of dropping demand for personal computers and other...

products.

The Japanese chip, hard drive and mobile phone maker estimated a net profit of 60 billion yen for the year ending March 2009.

Although up 25% from the previous year, this forecast is down from the previous projection of 100 billion yen.

Operating profit was projected at 150 billion yen, down from an earlier forecast of 220 billion yen.

Sales forecasts were revised to 5.05 trillion yen, down from 5.35 trillion yen because of an expected drop in demand associated with the global economic slowdown.

Fujitsu said full-year PC shipments are now projected at 8.8 million units, down 500,000 units from the previous estimate.

The forecast for mobile phone shipments was lowered by 850,000 units to 4.75 million units.

Production of hard disk drives will drop to 38.3 million units, down from the previous target of 8.7 million units.

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