NEC Forecasts US$1.3 Billion Loss, Ready To Cut 10,000 Jobs Worldwide
Bad news from Japanese tech powerhouse NEC: the company yesterday announced [PDF] a net loss of US$1.13 billion in the three months through December 2011, compared with a net loss of “just” US$350 million in the same time frame last fiscal. NEC said it wrote down its deferred tax assets. For the three-month period, revenue dropped from US$9.3 billion to US$8.7 billion year-on-year. For the full fiscal (which ends in March this year), NEC now expects a net loss of US$1.3 billion. The company says restructuring costs alone will cause...
Friday, 27 January door: TechCrunch (ENG)
