Sharp posts smaller first quarter loss on cost cuts but revenue slides

Japanese electronics maker Sharp Corp reported a smaller first-quarter loss helped by restructuring and cost cuts, although overall revenue suffered a steep decline. Sharp said its April-June operating loss was 2.5 billion yen ($24 million) compared with a loss of 28.76 billion yen a year earlier. The company has not released an earning forecast for the current business year due to its impending acquisition by Taiwan's Foxconn, known formally as Hon Hai Precision Industry.