Murata Reports Improved Earnings Despite Smartphone Sales Slump
© Photographer: Michaela Handrek-Rehle/Bloomberg Huawei Technologies Co. Mate 30 smartphone. (Bloomberg) -- Murata Manufacturing Co., a key component supplier to the world's smartphone market, reported Thursday an increase in operating profit to 52.4 billion yen ($492 million) in the quarter ending March 31. The company outdid its year-earlier results, which were 41.7 billion yen, underscoring industry optimism for 5G demand offsetting the impact of Covid-19 on the global economy. Murata forecast a decline in revenue and profit for the current fiscal year due to the virus. The Kyoto-based firm provides various key components, such as chip capacitors, batteries and circuit boards to top handset makers, including Apple Inc. and Huawei Technologies Co. Its performance often serves as a bellwether for the mobile industry's production outlook, as the orders it receives are an indicator of device manufacturers' planned manufacturing volume. Smartphone sales...