Panasonic to cut 15,000 jobs as it forecasts $4.3B loss
Electronics maker also to close 27 factories
IDG News Service - Japanese electronics maker Panasonic today forecast its first yearly loss in a long time and said it will slash jobs because of the worsening global economy.
The company plans to shed 15,000 jobs by the end of March 2010 and shut factories in Japan amid slumping sales. Panasonic also forecast its first yearly net loss in six years, ¥380 billion ($4.3 billion U.S.).
Sales fell dramatically in the fourth quarter, said the Japanese company, which changed its name from Matsushita Electric Industrial in October.
The company's sales for the fourth quarter fell 20% year on year to ¥1.88 trillion as it turned to a net loss of ¥63.1 billion.
Panasonic blamed the decrease on a sharp downturn in consumer spending, increased price competition, rising raw material prices and a stronger yen.
The company will shut 27 factories worldwide, including 13 in Japan. It employed 307,444 people as of the end of 2008.
- Path Selection Infographic Path Selection Infographic
- Hyperconvergence Infographic A wide range of observers agree that data centers are now entering an era of "hyperconvergence" that will raise network traffic levels faster...
- Preparing Your Infrastructure for the Hyperconvergence Era From cloud computing and virtualization to mobility and unified communications, an array of innovative technologies is transforming today's data centers.
- How WAN Optimization Helps Enterprises Reduce Costs If you wanted to break down innovation into a tidy equation, it might go something like this: Technology + Connectivity = Productivity. Productivity...
- Cloud Knowledge Vault Learn how your organization can benefit from the scalability, flexibility, and performance that the cloud offers through the short videos and other resources...
- LIVE EVENT: 5/7, The End of Data Protection As We Know It. Introducing a Next Generation Data Protection Architecture. Traditional backup is going away, but where does this leave end-users? All Network Hardware White Papers | Webcasts