toggle

AAPL Stock: 113.29 ( + 0.37 )

Printed from http://www.macnn.com

NEC cuts 10,000 jobs after swing to $1.3b loss

updated 09:05 pm EST, Sun January 29, 2012

NEC slashes jobs to put an end to losses

NEC late this past week said it would drop 10,000 jobs in a bid to turn around a souring business. The drops, which would equate to about 8.6 percent of its entire workforce, were meant to mitigate the sudden estimate that it would lose about 100 billion yen ($1.3 billion) in the fiscal year that ends with March. It had previously predicted that it would make a profit of 15 billion yen ($195.4 million), a reversal from losses over all but one of the past four years.

Most of the cuts would come from its cellphone business, and 7,000 of the total lost positions would be in Japan. NEC has been making movements to possibly go international with its Android-based smartphones, but is still mostly limited to Japan for now.

NEC has already been consolidating in the hopes of recovering, having formed a pact with Lenovo to help drive its PC business in a frequently down market. Regardless, it hasn't fared as well in stiff competition in smartphones with fellow Japanese companies, as well as Apple and Samsung, and may be looking to center on its core display business until it's once again profitable. [via Bloomberg]




by MacNN Staff

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...

MSI Geforce GTX 970 100ME

When Nvidia announced a new line of video cards in September 2014, many people thought things would continue to be business as usual i ...

Wren V5US Wireless Sound System

If you're a music fanatic, chances are you are, by extension, a bit fanatical about what you listen to your music on. If you're like ...

toggle

Most Commented