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Toshiba delivers long-awaited earnings results

Toshiba delivers long-awaited earnings results

Toshiba has met the deadline to report its long-awaited earnings results, reducing the risk that the firm will be delisted from the Tokyo Stock Exchange.

Toshiba is the world’s second-largest chip manufacturer. Its products are used in data centres and consumer goods worldwide, including iPhones and iPads.

The embattled electronics firm posted a loss of $8.8bn (£6.7bn) for the last fiscal year.
Auditor PricewaterhouseCoopers Aarata gave a “qualified opinion” on the financial statements, meaning it broadly endorsed the results.

The auditor’s sign-off reduces the immediate threat of Toshiba being delisted from the Tokyo Stock Exchange.

The company was demoted from the first tier of the exchange in June after confirming its liabilities outweighed its assets.

If Toshiba reports negative net worth, liabilities exceeding assets, for a second consecutive year it would likely prompt a delisting.

Toshiba has struggled to recover from a 2015 accounting scandal, when it was found to have inflated the previous seven years’ profits by $1.2bn.

The accounting scandal led to the resignation of several members of the firm’s senior management, including the chief executive.

Toshiba had delayed the release of its financial results for months, as it struggled to secure sign-off from its auditors.

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