Tech and Science News
Fanuc slashes outlook, cites trade friction and weak tech demand
A logo of Fanuc Corp is seen at the 28th Japan International Machine Tool Fair in Tokyo, Japan, November 17, 2016. REUTERS/Toru Hanai
TOKYO (Reuters) - Japanese robot maker Fanuc Corp on Monday slashed its outlook for the full year, citing slower technology spending and trade friction.
Fanuc said it now expects a full year operating profit of 150.9 billion yen ($1.35 billion), down from a previous forecast of 159.4 billion yen.
Demand for factory automation equipment grew sharply in China in 2017, helping Fanuc and other Japanese machinery suppliers post strong earnings. But investors worry about slowing demand in China amid an escalating trade war with the United States.
($1 = 111.9600 yen)
Reporting by Ritsuko Ando
Our Standards:The Thomson Reuters Trust Principles.