Sharp Announces Q1 Earnings With Huge Loss Of $1.20 Billion

Posted on Aug 2 2012 - 6:41am by Editorial Staff

Sharp today reported its first quarter results, ended June 30, 2012 with an operating loss of ¥ 94.1 billion ($1.20 billion) from a ¥3.5 billion profit a year earlier, blaming TV demand and an overcapacity at its main liquid crystal display plant weighing on earnings. The company is also considering its first major layoffs of 5,000 people, Reuters reports citing “source familiar with the matter” (earlier estimate was that of 3,000 layoffs). The company posted its worst net loss in a century in the last financial year. Sharp plans to accomplish the cuts using voluntary retirements and “natural attrition,” reports the AFP.

 

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