Toshiba shares tank after $6 billion loss

Toshiba losses are worst than expected

Troubled electronics maker Toshiba has posted a loss of 710 billion yen or roughly $6 billion for the year. That’s a pretty big increase from an estimated loss of 550 billion reported in December.

The news drove the stock price down 11% by the end of the trading day in Tokyo.

Officials at the company said the additional losses were caused by the increased cost of energy and infrastructure projects, falling profits in its consumer electronics businesses, and new expenses caused by the company’s attempts to restructure its lifestyle brands.

In the previous 12 months Toshiba reported a loss of 37.8 billion yen ($323.5 million).

The company is also still dealing with its accounting scandal which was discovered in April 2015 and led to the resignation of CEO Hisao Tanaka.

An internal investigation found that the company was inflating profits. Eight board members joined Tanaka by filing their resignations as the struggling electronics firm continues to restructure and reinvent itself.

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