Toyota Slashes Annual Profit Forecast
The automaker said second-quarter earnings fell 69% as it cut its annual profit forecast because of falling sales and a stronger yen.
Toyota
(TM) - Get Toyota Motor Corporation Report
said second-quarter net profit fell 69% to 139.8 billion yen ($1.4 billion) and slashed its annual profit forecast on falling sales and a stronger yen.
The Japanese automaker cut its forecast for the year ending in March 2009 to 550 billion yen from a prior forecast of 1.25 trillion yen. The company reported year-earlier earnings of 1.72 trillion yen.
Second-quarter sales fell 8% to 5.98 trillion yen, Toyota said Thursday.
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Toyota, the world's second-largest automaker behind
General Motors
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, reported earlier this week that U.S. auto sales in October declined 26%.
