More job cuts at Toshiba
A worse-than-anticipated net loss forces the company to cut an additional 3,900 temporary employees.
Toshiba said Friday it expects to lose 350 billion yen for the fiscal year just ended on March 31, and will cut more temporary workers.
The company plans on letting go 3,900 temporary employees in its Japanese offices, according to a report in The Wall Street Journal, as well as reducing its capital spending this year by 180 billion yen ($1.8 billion) to 250 billion yen from the previous year. Almost 4,500 temporary workers were laid off previously.
The company now expects a net loss of 350 billion yen in the fourth quarter of its fiscal year that just ended. That's worse than the 280 billion yen loss previously expected, and it doesn't appear things will get better for the Japanese electronics company any time soon.
"We're seeing the economy nearing its bottom, but it is likely to stay at the bottom for a while," Toshiba Executive Vice President Fumio Muraoka said.