Toshiba more than doubles profit outlook as yen drives sales

Toshiba Corp. raised its forecast for first-half operating profit to 70 billion from 30 billion, crediting growth in storage and electronic devices for a more than doubling of its earnings outlook. A weaker-than-expected yen and sales of hard drives and smartphone memory are the main factors, the company said in a statement Wednesday. Toshiba, which makes everything from computers to nuclear power equipment, in August reported its first operating profit in six quarters. The manufacturer is cutting thousands of jobs, shedding operations and narrowing the scope of its businesses to recover from an accounting scandal that upended the Tokyo-based company and its management. The company said demand from PC and game console manufacturers boosted sales of hard drives.