Toshiba quarterly profit jumps on cost cuts, but misses estimates

TOKYO (Reuters) - Japan’s Toshiba Corp (6502.T) reported on Wednesday a 10-fold jump in first-quarter operating profit as it stepped up cost cuts across divisions, but the profit missed analyst estimates.

The Japanese conglomerate has been consolidating factories, cutting jobs, revamping the procurement method to compensate for the loss of the prized chip business, sold last year to plug a multi-billion-dollar balance sheet hole left by the collapse of its U.S. nuclear power unit.

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