Sharp Job Cuts: 1500 Going

Sharp Corp. (TYO:6753) have forecast a much deeper loss for its fiscal year than they first thought for the year ended March 31. The electronics giant were citing restructuring costs as well as an additional securities valuation loss, Sharp also announced that they will be cutting 1,500 temporary jobs.

The Wall Street Journal has reported that Sharp Corp. said that they now expect a net loss of 130 billion yen (US$1.3 billion) for the past fiscal year, which is much worse than the forecasted ¥100 billion loss. This is now the worst full-year net loss since 1950. Last year was a different story for Sharp, as they posted a net profit of ¥101.92 billion.

Sharp is not the only Japanese maker to be hit by these troubled times, a slide in consumer spending and the strength of the Japanese yen have contributed to these consumer electronics fighting to keep its doors open.

Mikio Katayama, Sharp’s president and chief operating officer was speaking at a recent press conference, and said that the company will be cutting costs by billions of yen in the new fiscal year, which ends March 31 2010.