Toyota Profit Zooms Past Chip Shortage

Toyota Motor Corp. shrugged off the effects of a semiconductor shortage and reported higher profit in the most recent quarter as well as an improved forecast for the full fiscal year.

Toyota said it expects sales and profit to rebound in the year ending March 2022, with operating profit forecast to rise 12% to the equivalent of $24.5 billion. It maintained its estimate that revenue would reach ¥30 trillion, equivalent to about $263 billion, a figure it last hit in the year ended March 2019.