Sharp might be busy prepping up its display panels for the next generation iPhone and the purported iPad mini this month, but it looks like the Japanese electronics manufacturer is also planning to ax a huge chunk of its workforce following a disappointing quarter for the period that ended last June 30. Sharp is saying today that it is planning to cut approximately 5,000 jobs by the end of March next year, reducing its global workforce by roughly 9 percent. The company said that the cuts will be made either through mandatory retirement and voluntary retirement.
The times have been tough for the Osaka-based corporation that was first established in 1912. Sharp previously announced that its revenue has plunged 28 percent to 458.6 billion yen ($5.9 billion) in Q1 of its fiscal year, and total losses increased from 49.2 billion yen in 2011 to 138.4 billion yen in the first quarter of its fiscal year. The company also expects its losses to widen until March next year, from 30 billion yen ($385 million) to 250 billion yen ($3.2 billion).