(May 11): Tokyo Electron Ltd, one of the world’s largest suppliers of chipmaking equipment, projected earnings well below analysts’ estimates in another negative signal for the global semiconductor sector.

The Japanese company forecast operating income of ¥393 billion (US$2.9 billion or RM13.04 billion) for the year ending March 2024, lagging the ¥446.7 billion average estimate. That disappointing outlook came after it reported a smaller-than-expected 9.4% profit slide for the March quarter of 2023.