fanuc corp shares fell sharply monday morning after the japanese industrial robot maker posted lower quarterly profit and cut its fullyear guidance due partly to weakness in its china business shares were recently 69 lower at 4365 yen after falling as much as 92 earlier fanuc said after fridays market close that net profit fell 28 from a year earlier to y3032 billion 2148 million for the quarter ended june firstquarter revenue dropped 46 to y20177 billion dragged by declines in china japan and the rest of asia the company said that while the shortage of chips has eased it expects clients to continue to control their inventories for a longer time as concerns about a global economic slowdown remain fanuc said orders received for china in its first quarter dropped 41 to y365 billion from the previous quarter the company lowered its revenue and net profit projections for the year ending march 2024 it now expects revenue to drop 12 to y75030 billion down from y81950 billion forecast previously and net profit to fall 34 to y11310 billion down from y13710 billion projected earlier