Toshiba Corp to cut 4,500 jobs

January 29th, 2009 - 3:06 pm ICT by Amrit Rashmisrisethi  

Toshiba Logo On Thursday , Toshiba Corp of Japan said it will likely to cut 4,500 jobs by the end of this March. After projecting it would go into the red this year due to the global slowdown.

It is also expect to fall deep into the red for the year to March due to the global economic slowdown hits demand for semiconductors and flat-screen televisions.

The electronics and engineering giant said it now expected a net loss of 280 billion yen for the year, compared with a previous forecast of a net profit of 70 billion yen.

The company had booked 127.4 billion yen in net profit the previous year.

Toshiba said in a statement that the worldwide economic slowdown ’caused rapid price erosion and demand declines in semiconductors and liquid-crystal display’ televisions.

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