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Fujitsu shares rise sharply after projecting 53% rise in fiscal-year internet revenue

Fujitsu Ltd.’s shares
6702,
+5.03%

rose sharply Monday morning after the corporate projected a 53% rise in fiscal-year internet revenue and introduced a share buyback program.

The shares have been lately 4.5% greater at 19,530 yen after rising as a lot as 11% earlier.

The Japanese electronics and information-technology providers firm stated Thursday after the market closed that it anticipated internet revenue to rise 53% to 280.00 billion yen ($2.16 billion) for the fiscal yr that began in April. Working revenue from its IT providers is projected to greater than double, because of greater income and price cuts.

Japanese markets have been closed Friday for a nationwide vacation.

Fujitsu additionally introduced a buyback program that will repurchase as much as 6.1% of its excellent shares by the tip of this fiscal yr. Fujitsu stated it might spend as much as Y150.0 billion for this system.

Fujitsu’s internet revenue fell 9.9% for the fiscal yr ended March, as income declined 0.1% to Y3.587 trillion.

The Topix subindex for IT and communication corporations was lately 0.9% decrease and the Nikkei Inventory Common
NIK,
-0.11%

was down 0.8%.

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