Sharp to cut 5,000 jobs as quarterly loss worsens
(AP) — Japanese electronics maker Sharp Corp. is slashing 5,000 jobs over the next year, or nearly 9 percent of its global workforce, after its quarterly loss ballooned from a year earlier.
Osaka-based Sharp reported Thursday that its April-June loss swelled to 138.4 billion yen ($1.8 billion) from 49 billion yen of red ink a year earlier.
Quarterly sales plunged 28 percent to 458.6 billion yen ($5.9 billion) as sales crashed in liquid crystal displays, flat-panel TVs and mobile phones.
Sharp forecast a bigger loss for the business year through March 2013. It now expects a 250 billion yen ($3.2 billion) loss compared with the 30 billion yen ($385 million) loss it projected earlier.
Sharp said the jobs cuts will come through voluntary and mandatory retirement and other arrangements.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.