Panasonic will cut another 10,000 jobs by March, won't dodge a $10 billion annual loss

Panasonic will cut another 10,000 jobs by March, won't dodge a $10 billion annual loss

Despite the recent uptick in its profits and the fact that it has already deleted 36,000 names from its payroll, Panasonic says it'll have to cut another 10,000 jobs by March of next year. The maker of the Lumix GH3, huge 8K plasmas and much else that is desirable, is steadily facing up to the reality that a fifth of its 100 business units are bleeding cash. But depressingly, even with this major restructuring and continuing efforts to sell off unwanted units, the Japanese old-timer still expects to lose $ 10 billion by the end of this accounting year and fai l in its goal to achieve a five percent profit margin within the next three years.

Engadget