Japanese electronics giant NEC Corp. said it plans to cut at least 20,000 jobs worldwide in an attempt to cut 80 billion yen ($ 895 million) in costs over the next two years. Tokyo-based company said its net loss expanded to 130 billion yen ($ 1.46 billion) for October-December quarter from 5.2 billion yen loss in the same period last year. It is also expects to report a loss for the full year through March.
This is a Breaking News Update. Come back soon for more information. AP's earlier story below. TOKYO (AP) - Japanese electronics giant NEC Corporation (NASDAQ: NIPNY - news - people) said Friday its loss expanded in the last quarter and forecast red ink for the full year as semiconductor and other operations flounder midt global slow down.
Tokyo-based NEC posted a net loss of 130 billion yen ($ 1.46 billion) for October-December quarter, falling deeper into the red by 5.2 billion yen loss in the same period last year. NEC said its business deteriorated all round, from information technology to mobile phones and electronic equipment, which the company was faced with a deep research of the global slow down and increasing competition in the electronics industry. NEC also blame stronger yen to squeeze profits. NEC Electronics Dashboard Demo-
Tokyo-based NEC posted a net loss of 130 billion yen ($ 1.46 billion) for October-December quarter, falling deeper into the red by 5.2 billion yen loss in the same period last year. NEC said its business deteriorated all round, from information technology to mobile phones and electronic equipment, which the company was faced with a deep research of the global slow down and increasing competition in the electronics industry. NEC also blame stronger yen to squeeze profits. NEC Electronics Dashboard Demo-
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