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Olympus Shares Slide After First-Quarter Earnings Disappoint

By Ronnie Harui


Olympus's shares slumped early Thursday after the company reported first-quarter earnings that disappointed some analysts.

Shares of the Japanese company were recently 11% lower at 1,997.00 yen ($13.89) after earlier touching Y1,927.00, the lowest intraday level since February 2021, according to FactSet.

The manufacturer of optical and digital precision technology said after Wednesday's market close that fiscal first-quarter revenue totaled Y207.72 billion for the three months ended June 30, up from Y192.27 billion for the same period a year earlier. Adjusted operating profit fell to Y28.27 billion from Y29.74 billion.

First-quarter earnings undershot the company's targets, Citi Research analysts said in a report. "We gather Q1 sales missed plan by around 3% and adjusted operating profit by roughly 25%," the analysts said.

Olympus's insistence that the targets in its new three-year plan aren't conservative caused further disappointment, Citi said.

Although the company's first-quarter earnings were "clearly disappointing," if the shares decline below Y2,000.00, some investors might show renewed interest, Citi added.


Write to Ronnie Harui at


(END) Dow Jones Newswires

August 09, 2023 22:34 ET (02:34 GMT)

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