Shares in Toshiba fell 12 per cent to six-year lows on Tuesday, a day after the Japanese company warned of a record annual loss of Y550bn ($4.5bn) as a result of massive costs involved in slashing 10,600 jobs and streamlining its units.
Within hours of announcing its restructuring measures on Monday, analysts grilled Toshiba’s management on whether the actions — which did not promise a complete withdrawal from its television and laptop businesses — went far enough to restore investor confidence after the company’s $1.3bn accounting scandal.
The bigger question for the 140-year-old Japanese group is whether it can draw a blueprint for growth following the restructuring, after the affair exposed most of its businesses as struggling.