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29/01/2002
Fujitsu announces further job cuts
Troubled global technology conglomerate Fujitsu has announced the cutting of more than 1000 jobs, following on from a less than optimistic third quarterly report.
The latest round of jobs cuts is part of a 4,500 worldwide redundancy exercise announced in October 2001 and brings the total losses to 22,000 for this financial year.
The quarterly report released through its Tokyo headquarters, stated that the company recorded 13 per cent loss in sales over the last quarter (October-December) compared with the same period for 2000. Indeed, third-quarter net losses stand at $804 million, an increased loss of up to one third compared the previous year's report. The consolidated operating loss was $347 million for the quarter, on top of losses of $1.4 billion to September.
The company's report blamed September 11 terrorist attacks for "consumer demand bottoming out in the US", slow growth in Europe and Asia and the deteriorating Japanese economy.
Many analysts believed that Fujitsu's profit targets unattainable, particularly in light of the slump in the mobile phone sector.
Explaining the downbeat report the company's said: "IT investment plunged, especially in the United States, while global demand for mobile phones and personal computers has been in the doldrums."
Fujitsu shares have fallen about 30 percent this year.
(GMcG)
The latest round of jobs cuts is part of a 4,500 worldwide redundancy exercise announced in October 2001 and brings the total losses to 22,000 for this financial year.
The quarterly report released through its Tokyo headquarters, stated that the company recorded 13 per cent loss in sales over the last quarter (October-December) compared with the same period for 2000. Indeed, third-quarter net losses stand at $804 million, an increased loss of up to one third compared the previous year's report. The consolidated operating loss was $347 million for the quarter, on top of losses of $1.4 billion to September.
The company's report blamed September 11 terrorist attacks for "consumer demand bottoming out in the US", slow growth in Europe and Asia and the deteriorating Japanese economy.
Many analysts believed that Fujitsu's profit targets unattainable, particularly in light of the slump in the mobile phone sector.
Explaining the downbeat report the company's said: "IT investment plunged, especially in the United States, while global demand for mobile phones and personal computers has been in the doldrums."
Fujitsu shares have fallen about 30 percent this year.
(GMcG)
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