UPDATE: Toyota Reports Strong Decline In Q1 Net Income, Lifts Forecast

Toyota Motor Corp TM reported a 99.4% decline in its Q1 net income and raised its annual earnings outlook. Toyota's quarterly net income dipped to 1.16 billion yen ($15 million), from ¥190.47 billion, in the year-ago period. The company posted an operating loss of 108 billion yen ($1.4 billion), versus a 211.7 billion yen profit, in the year-ago period. Its revenue dropped 29.4% to ¥3.441 trillion. Toyota now projects an annual profit of 390 billion yen ($5.1 billion), up from its earlier forecast of 280 billion yen ($3.6 billion). It also raised its annual sales forecast to 19 trillion yen ($247 billion), from 18.6 trillion yen ($242 billion). Toyota shares gained 0.22% to $81.95 in after-hours trading.