Hitachi forecasts $7.7 billion loss, cutting 7,000 jobs
apanese electronics maker Hitachi Ltd. predicted it would post a massive net loss this fiscal year and said it will slash about 7,000 jobs as part of a global restructuring plan. Battered by plunging demand, the company forecast Friday a net loss of 700 billion yen ($7.7 billion) for the fiscal year through March 31, a stark reversal from the 15 billion yen profit it forecast in October.
Hitachi, which makes everything from home appliances and TVs to IT systems and medical equipment, also cut its operating profit projection by 90 percent to 40 billion yen. The company blamed sharply falling sales in most of its main businesses including electronic devices, power and industrial systems, and consumer products. “Economic stagnation is expected to persist for the foreseeable future, making revenue expansion unlikely,” Hitachi said in a statement.
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