Panasonic posts huge Q3 loss; to axe 15,000 jobs

Japanese electronic giant Panasonic, which reported a massive loss of 63.12 billion yen (about $700 million) for the third quarter ended December, will slash 15,000 jobs to reduce costs amid worsening economic situation.

Panasonic reported huge losses for the third quarter primarily due to surging yen, declining sales and price competition, the company said in a statement.

In the year-ago period, the company had a profit of 115.18 billion yen.

According to UK-daily The Times, the electronic major would reduce its  headcount by 15,000 employees or about five per cent of its global workforce. Panasonic employs about 3,00,000 people worldwide.

The firm's net sales for the third quarter stood at 1.88 trillion yen as compared to 2.34 trillion yen in the corresponding period a year ago.

"The company's business conditions have worsened particularly since last October, due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever-intensified price competition," the statement said.