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Toshiba Expecting a Bigger Full-Year Loss Than First Predicted

Category: General News
Posted: 09:33AM

It is being reported that Toshiba is expecting its full year loss to be greater than the $4.6 billion previously predicted. The new expectation is that it will be a $6 billion dollar loss, and this is all following a $1.3 billion accounting scandal from 2009. That scandal involved an overstatement of profits and has led the company to restructure itself, which is an ongoing process. The CEO has also announced 240 additional job cuts or replacements as part of this restructuring effort, which is already expected to hit 10,000 jobs. The CEO also repeated plans to sell off the company's laptop and home appliance businesses, as both were loss-making. While both Sharp Corp and Foxconn (which may be merging) could be the potential purchasers for the home appliance business, it could also go to a foreign manufacturer.

Source: Reuters

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