Panasonic to cut 15,000 jobs

Business Materials 4 February 2009 14:00 (UTC +04:00)

Panasonic, hard hit by the global recession, will cut 15,000 jobs by March 2010, the company announced Wednesday.

Half of the job losses will come from plants in Japan, with the rest from international workforce reductions, reported CNN.

No breakdown of overseas job cuts was provided.

Panasonic also announced third-quarter financial results.

The electronics company posted a net loss of 63.1 billion yen ($710 million). The company says it expects a loss of 380 billion yen ($4.25 billion) for the fiscal year, ending March 31.

Panasonic joins fellow electronics giant Sony in forecasting an operating loss. Last month, Sony warned it will close out the fiscal year with an operating loss of 260 billion yen ($2.9 billion), its first in 14 years.