Japan's NEC Corporation Cutting 10,000 Jobs
Posted on January 29, 2012
Japan's NEC Corporation has announced plan for major job cuts. Reuters reports that NEC will cut 10,000 jobs, which is about 10% of its workforce. Reuters says the company is blaming part of its poor smartphone sales on the popularity of the iPhone in Japan.
NEC's operating income was down 13.5% for the three months ending December, 31. You can see NEC latest financial results here. Reuters says NEC is warning of a big $1.3 billion loss for the year ending March, 2012. NEC also reduced its forecasted smartphone sales by 5 million.
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