Kyocera Corp today warned it would miss its profit forecast for the current fiscal year.
The Japanese manufacturer said it expected consolidated operating profit of 82 billion yen ($680 million) for the year ending March 2002, Reuters reports.
It had previously forecast 170 billion yen.
"There is no let-up in the retreat in the US economy and the slump in manufacturing activity in the electronics industry," the company said.
"And a recovery in demand in the mobile and fibre-optic communications markets in particular is expected to be slow in coming."
Kyocera's share price plummeted to 7,260 yen after the announcement - its lowest level in almost two years. ®