Deals
Toshiba's Chaotic Earnings Raises Doubts Over Grip on Business
- Company disclosed $6.3 billion writedown in nuclear business
- Chance of core businesses being sold may hollow out Toshiba
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Toshiba Corp. had promised Tuesday would be the day it explained the depth of trouble in its nuclear business. Instead, the company provided hours of chaos that shook investor confidence and raised new questions about the company’s future.
It began with Toshiba confirming plans to report earnings at noon in Tokyo, including a looming multibillion-dollar loss in its nuclear operations. That deadline came and went with no word, until two-plus hours later, the company said it would ask regulators for another month to finalize earnings. Then abruptly, Toshiba reported provisional figures late in the afternoon, including a 712.5 billion yen ($6.3 billion) writedown in the nuclear unit, as well as the resignation of Chairman Shigenori Shiga.