It is reported that this is also the first time that Toyota’s quarterly net profit has exceeded 1 trillion yen. Toyota maintains its full-year performance forecast unchanged. It expects operating income to increase by 2% year-on-year to 38 trillion yen; operating profit will increase by 10% to 3 trillion yen; net profit increased by 5% to 2.58 trillion yen.

According to previous reports, Toyota’s sales of hybrid vehicles (HV) and premium vehicles increased in the first quarter, and profits hit a record high. However, Toyota’s sales in the Chinese market fell for the first time in three months in June, falling 12.8% year-on-year to 174,548 vehicles. Sales in China fell 2.8% from January to June.

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Chief Executive Officer Bracken Darrell said in a statement, “Due to the “exceptional growth” of the past two years, the company has adjusted its operational focus in this quarter at the right time in a very challenging environment.” Based on the company’s previous forecast, the original annual sales estimate of 2 percent to 4 percent growth on a constant currency basis has been adjusted to an 8 percent to 4 percent sales decline; the original non-GAAP operating income estimate of $875 million to $925 million has been adjusted to $650 million to $750 million.

Logitech has been benefiting from consumer demand to upgrade its home office equipment in the epidemic environment, and the company is starting to upgrade their equipment as the offline office gradually recovers. The company had cut its full-year outlook earlier this year, having lost sales revenue in both countries due to the Russia-Ukraine war

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