30 Jan '12, 6am

NEC fires 10,000 after losses: NEC is laying off 10,000 people, after forecasting a loss of 40.0 billion yen for...

NEC fires 10,000 after losses: NEC is laying off 10,000 people, after forecasting a loss of 40.0 billion yen for...

NEC is laying off 10,000 people, after forecasting a loss of 40.0 billion yen for the 2011 financial year. The current economic conditions are cutting into NEC’s sales, with the company hard hit by declines in its Carrier Network business due to decrease in sales from mobile phone shipments, and the impact of Thailand’s floods. NEC forecasts net loss of 100.0 billion yen, 115.0 billion yen less than the previous forecast, mainly due to worsening ordinary income (loss), business restructuring costs for the reform of cost structure, and an increase in income taxes due to the review of deferred tax assets that reflect tax reform and financial forecasts for this fiscal year. As such, NEC has announced business restructuring with a focus on reducing personnel. 7000 of the workers to be made redundant will be from Japan, with the under performing mobile phone handset business to...

Full article: http://www.electronicsnews.com.au/news/nec-fires-10000-af...

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