TOKYO (AP) — Japanese electronics company NEC Corp. said Thursday it is slashing 10,000 jobs worldwide and would slide into the red for the full year amid weakness in its mobile phone business and flooding in Thailand that hit its platform business.
NEC reported a net loss of 86.5 billion yen ($1.1 billion) for the October-December quarter compared to a 26.5 billion yen loss the same period a year ago.
The company forecast a net loss of 100 billion yen for the fiscal year through March on worsening income and a special loss of 40 billion yen to cover the job cuts. In October, it had projected an annual net profit of 15 billion yen.
Some 7,000 of the job cuts will come in Japan, and 3,000 overseas, it said in presentation.
Sales for the fiscal third quarter declined 7.2 percent to 669.0 billion yen.
The flooding in Thailand last year damaged its factory there, and NEC said it planned to build a replacement.