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Japan's NEC slashing 10,000 jobs worldwide

Thu, 01/26/2012 - 5:05am
The Associated Press

Japanese electronics company NEC Corp. says it is slashing 10,000 jobs worldwide amid deteriorating earnings due to weakness in its mobile phone business and flooding in Thailand that hit its platform business.

NEC said Thursday it had a net loss of 86.5 billion yen ($1.1 billion) for the October-December quarter.

It forecast a net loss of 100 billion yen for the fiscal year through March on worsening income and a special loss of 40 billion yen to cover the job cuts.

Some 7,000 of the job cuts will come in Japan and 3,000 overseas, it said in a presentation.

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