Fujitsu expected to shed 16,000 jobs
Chip and PC manufacturer Fujitsu has posted a $444 million loss for Q2, and is expected to announce a major restructure that will cost over 16,000 jobs.
Fujitsu is expected to annouce a major restructuring, which could result in more than 16,000 jobs losses. The chip and PC manufacturer posted a loss of 55 billion yen ($444 million) for the second quarter this year. The company is blaming the global slump for the poor results.
The losses are expected to mostly be outside of Japan, primarily in the US and Asia, with chip manufacturing particularly affected. The company also seems likely to cease processor production in the US, and cut back heavily on flash memory production in the US. Poor performance of the semidconductor division was a major factor in the losses reported.
Analysts welcomed the move. “Fujitsu seems to be moving in the right direction in its attempt to cut costs and maintain their level of earnings,” said Kunihiro Hatae of Tokai Tokyo Securities equities trading division.