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00:02Toyota reported a 49% decline in fourth quarter operating profit and missed analyst estimates
00:08as U.S. tariffs and growing competition from Chinese automakers weighed on earnings,
00:13according to CNBC. The automaker reported revenue of 12.6 trillion yen that matched expectations,
00:20while operating profit of 569.4 billion yen missed estimates of 813.28 billion yen.
00:28Fourth quarter revenue increased by 1.89%, matching expectations, while operating profit declined
00:35for a fourth straight quarter due to pressure from U.S. tariffs. The weak yen has supported Toyota
00:41by making its vehicles cheaper for overseas buyers and increasing the value of foreign profits when
00:46converted into yen. Toyota faces pressure from slowing sales in China, vehicle recalls, rising
00:53electric vehicle competition, and Trump-related tariffs. The company said in March it plans
00:58to spend $1 billion at two U.S. plants as part of a broader $10 billion investment plan over
01:04the next five years.
01:04For all things money, visit Benzinga.com.
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