Sharp to cut 5,000 jobs due to mounting losses
August 3 , 2012
Japan's Sharp Corporation is to cut 5,000 jobs, just under 10 percent of its workforce, in a bid to lower costs.
The announcement was made as Sharp reported a net loss of $1.8 billion for the April to June period.
That compares to a $630 million loss during the same period last year.
Sharp attributed the figures to a "greater-than-expected" drop in demand from Japan and China.
The company also widened its annual loss forecast to $3.2 billion, up from an earlier projection of $383 million in April.