By Kosaku NariokaFanuc Corp. shares fell sharply Monday morning after the Japanese industrial robot maker posted lower quarterly profit and cut its full-year guidance due partly to weakness in its China business. Fanuc said after Friday's market close that net profit fell 28% from a year earlier to Y30.32 billion ($214.8 million) for the quarter ended June. Fanuc said orders received for China in its first quarter dropped 41% to Y36.5 billion from the previous quarter. The company lowered its revenue and net profit projections for the year ending March 2024. Write to Kosaku Narioka at kosaku.narioka@wsj.com(END) Dow Jones NewswiresJuly 30, 2023 22:26 ET (02:26 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal July 31, 2023 02:37 UTC