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Sharp reports its worst net loss in a century

Sharp plans to axe 5,000 workers after huge Q1 losses

Japanese manufacturer Sharp made a 94 billion yen ($1.2 billion) loss in the space of just three months.

Analysts estimated an average 44.4 billion yen loss, but Sharp did much worse, in fact this is the company’s worst net loss in a century.

A source has revealed to Reuters that Sharp is now considering its first major layoffs. The number of axed worker could be as high as 5,000. The company is also planning to cut fixed costs by 100 billion yen.

The electronics maker has been struggling to turn around its liquid crystal display and solar panel operations. On top of this the company had a 15.86 billion yen loss related to the settlement of a lawsuit brought by Dell, in which the PC maker accused Sharp of overcharging the company over several years.

The Q1 results come after Sharp posted a 376.08 billion net loss in the last fiscal year, the company’s biggest annual loss ever.

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