(MENAFN) Japanese electronics giant Sharp logged a bigger-than-expected fiscal year loss of USD1.86 billion, and thousands of job cuts, as it fights to stay afloat, The Peninsula Qatar reported.
The Osaka-based company's USD1.86 billion net loss, bigger than an earlier USD250.82 million forecast, came as it said it is planning to cut 3,500 jobs in Japan, or about 15 percent of domestic workforce.
Earlier this week, Japan's leading Nikkei business daily said Sharp would report as many as 6,000 jobs losses in Japan and offices overseas, but the higher figure could not be immediately confirmed.
"Our company is facing an extremely difficult situation. By implementing these structural reforms, we believe we can see a concrete path toward recovery," Sharp's president told reporters.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.