Panasonic will cut 15,000 jobs as it forecasts $4.3B loss

Japanese electronics giant Panasonic will slash 15,000 jobs and shut 27 factories.

Japanese electronics giant Panasonic on Wednesday forecast its first yearly loss in a long time and said it will slash jobs due to the worsening global economy.

The company plans to shed 15,000 jobs by the end of March, 2010 and shut factories in Japan amid slumping sales. Panasonic also forecast its first yearly net loss in six years, ¥380 billion (US$4.3 billion).

Sales fell dramatically in the fourth quarter, said the Japanese company, which changed its name from Matsushita Electric Industrial in October.

The company's sales for the fourth quarter fell 20 percent year-on-year to ¥1.88 trillion as it turned to a net loss ¥63.1 billion.

Panasonic blamed the decrease on a sharp downturn in consumer spending, increased price competition, rising raw material prices and a stronger yen.

The company will shut 27 factories worldwide, including 13 in Japan. It employed 307,444 people as of the end of 2008.

Join the Good Gear Guide newsletter!

Error: Please check your email address.

Tags Panasoniceconomic downturn

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Dan Nystedt

IDG News Service
Show Comments

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?