Sharp Widens Loss Forecast as LCD Panel Demand Slumps
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Sharp Corp., maker of Aquos televisions, said it will cut 5,000 jobs after widening its annual loss forecast to 250 billion yen ($3.2 billion) as demand for its sets slumped.
The workforce reduction, the company’s first since 1950, is part of a plan to reduce fixed costs by 100 billion yen, the Osaka-based company said in a statement today. The loss outlook compares with the average 65.3 billion-yen loss estimate of 16 analysts compiled by Bloomberg, and is more than eight times the company’s previous projection of a 30 billion-yen loss.