Winnipeg Free Press - PRINT EDITION

Sharp to cut 5,000 jobs amid big quarterly loss

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TOKYO -- Japanese electronics maker Sharp Corp. is slashing 5,000 jobs over the next year, or nearly nine per cent of its global workforce, after its quarterly loss ballooned from a year earlier.

Osaka-based Sharp reported Thursday its April-June loss swelled to US$1.8 billion from $629 million in red ink a year earlier.

Quarterly sales plunged 28 per cent to $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 $3.2-billion loss compared with the $385-million loss it projected earlier.

Sharp said the job cuts will come through voluntary and mandatory retirement and other arrangements.

-- The Associated Press

Republished from the Winnipeg Free Press print edition August 3, 2012 B11

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