The Japan-based Sharp Corporation experienced a drop in shares on Monday following the publication of a report mentioning that the company will receive unfavorable earnings in the fiscal year ending in March, the Financial Times reports.
The report, published by Nikkei, expects the electronics-centered multinational corporation to fall short on full-year earnings guidance.
However, Sharp Corporation officials have not kept their financial woes private and recently released a statement mentioning that it was deliberating on altering its financial forecasts. The company is expected to drop its profit forecast to approximately half of what was originally planned.
"Unlike Panasonic or Sony, it does not have any business lines where it is well positioned or any business where its assets may be valuable," Jefferies analyst Atul Goyal said of the Sharp Corporation, the Financial Times also reports. Goyal mentions the company is "extremely disadvantaged."
Competitor Panasonic has also made headlines for its recent endeavors into alternative energy engineering and the technological development for automobiles.
At the most recent North American International Auto Show, Panasonic released its e-Cockpit technology, allowing drivers to utilize a user-friendly interface that is said to prevent accidents while driving.
Panasonic is also native to Japan and remains one of Sharp Corporation's main competitors within the electronics industry.
