NEC will cut 10,000 jobs after forecasting $1.3 billion annual loss, mostly in mobile phone biz

After releasing a revised financial forecast for FY 2011 that predicts an annual $1.3 billion loss, its third in the last four years, NEC announced it will cut around 10,000 jobs. Bloomberg Businessweek reports President Nobuhiro Endo announced the cuts, revealing most of the cuts will come from the company's mobile-phone handset business, with 7,000 of them expected to be in Japan. The company reportedly had 115,840 employees as of March so there should be a few folks left around to keep the lights on and maintain ventures like its new JV with NTT Docomo, Panasonic, Samsung and Fujitsu, the NEC Lenovo PC alliance, and its recently announced work on the Hayabusa 2 asteroid explorer. Still, we'll have to wait and see how the cuts affect upcoming cellphones, like any potential successors to its super-slim MEDIAS N-04C seen above.

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NEC will cut 10,000 jobs after forecasting $1.3 billion annual loss, mostly in mobile phone biz originally appeared on Engadget on Sun, 29 Jan 2012 15:56:00 EDT. Please see our terms for use of feeds.

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Source: http://www.engadget.com/2012/01/29/nec-will-cut-10-000-jobs-after-forecasting-1-3-billion-annual-l/

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