Japanese electronics giant Panasonic Holdings announced on Friday that it plans to lay off 10,000 jobs in 2025, with half of the cuts in Japan and half overseas.
The move is part of the company's management reform aimed at responding to the dramatic changes in the global business environment, it said.
In addition to workforce reductions, Panasonic also plans to withdraw or shut down loss-making businesses, and streamline and consolidate indirect functions.
According to its fiscal 2024 earnings report released the same day, Panasonic reported a revenue of 8.46 trillion yen (about 54 billion U.S. dollars), down 0.5 percent from the previous fiscal year, while its net profit dropped 17.5 percent year on year to 366.2 billion yen (about 2.53 billion U.S. dollars).
Panasonic to cut 10,000 jobs globally
Panasonic to cut 10,000 jobs globally
