Loudcloud to buy small rival, report earnings

Loudcloud to buy small rival, report earnings


Hurt by a sluggish economy and a stagnant market for electronic products and components, Hitachi is doubling its previous loss estimate for its current fiscal year and increasing by 5,000 the number of job cuts planned.

Hitachi expects a net loss of ¥480 billion (US$3.6 billion) on net sales of ¥7.8 trillion for its 2001 fiscal year, ending March 31, the company said Thursday. Hitachi previously forecast a ¥230 billion net loss. The company had net income of ¥104.4 billion on sales of ¥8.4 trillion during its 2000 fiscal year.

Hitachi is accelerating implementation of emergency measures initiated last year. The company announced plans in October to cut 15,900 employees, 11,100 in Japan and 4,800 in other countries. Hitachi now says it will lay off a total of 20,930 staff members by June, with 15,100 in Japan and 5,830 elsewhere.

As part of its internal restructuring, Hitachi said it is exiting some businesses, implementing a variety of salary cuts and internal cost-control measures and spinning off selected units. Its display group will become a separate company in October focusing on flat-panel displays. Hitachi plans to post a ¥134 billion restructuring charge and a ¥146 billion charge for termination benefits.

Follow Us

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.


ARN Innovation Awards 2022

Innovation Awards is the market-leading awards program for celebrating ecosystem innovation and excellence across the technology sector in Australia.

EDGE 2022

EDGE is the leading technology conference for business leaders in Australia and New Zealand, built on the foundations of collaboration, education and advancement.

Show Comments