Screen maker Japan Display would slash about 1,000 jobsChristian Fernsby ▼ | May 15, 2019
Cash-strapped screen maker Japan Display posted a ninth consecutive quarterly net loss, hit by weaker-than-expected demand from Apple Inc, its biggest client.
Asia Japan Display to cut jobs
For the full year, the net loss totaled 109.4 billion yen, far worse than an average estimate of a 13.47 billion yen loss from six analysts surveyed by Refinitiv. It was the fifth straight year of loss.
The company also said it took a 75.2 billion yen writedown on one of its panel plants and would slash about 1,000 jobs, or about a tenth of the group’s workforce.
The results will be closely watched by Japan Display’s Chinese-Taiwanese suitors, who delayed an up to 80 billion yen investment this week in order to reassess the company’s prospects. ■