Toyota Motor Corporation (NYSE: TM) said on May 10 that its net income in the quarter that ended on March 31 fell 6.6% to 398.4 billion yen ($3.5 billion), as unfavorable exchange rate moves more than offset a 6.8% increase in revenue.
The company also said that it expects its net income in the current fiscal year to decline to 1.5 trillion yen ($13.2 billion) from the 1.83 trillion yen ($16 billion) it earned in the fiscal year that ended on March 31.
Toyota’s shares opened about 2% lower in New York after the news was released.