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Sharp to cut 5,000 jobs due to mounting losses

  • 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.