Shares of Toyota Motor Co (T: 7203) gapped about 1.5% higher on Friday after the car giant reported an operating profit 506 billion yen ($4.89 billion) for the September quarter.
As a result, the Japanese car titan upgraded its full-year operating earnings guidance on the back of strong performance in the Chinese market. Toyota now expects an operating profit of 1.3 trillion yen for its fiscal year to end-March 2021, significantly higher than 500 billion yen expected earlier. Analysts were expecting full-year earnings of 1.25 trillion yen.
“If you compare the second quarter to the first you can see a dramatic recovery,” CEO Kenta Kon said.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Following a stronger-than-expected rebound, Toyota said it forecasts to ship 9.42 million vehicles this year which is again higher than 9.1 million expected earlier.
“Investors are looking at how Toyota is faring overseas and given the yen’s appreciation (versus the dollar) and a resurgence of the coronavirus, we have to consider the (profit forecast) revision cautiously,” commented Kazuo Kamiya, a fund manager.
Toyota share price rallied 2.5% initially before rotating lower to close at 7019, or 0.5% higher on the day.
PEOPLE WHO READ THIS ALSO VIEWED:
