Sharp to announce $1.6-B loss, thousands of job cuts–reports

Tokyo-Japanese electronics giant Sharp will announce later on Thursday a $1.68 billion fiscal year loss and thousands of job cuts as it fights to stay afloat, reports said.

The Osaka-based company’s 200 billion yen loss is more than six times its earlier prediction of a 30 billion yen shortfall, the leading Nikkei business daily said, adding that as many as 6,000 jobs, or about 10 percent of its global workforce, would be axed.