Struggling Sharp to Cut 5,000 Jobs

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To say Sharp Corporation (PINK:SHCAY) has been struggling sounds like an understatement — the company is now cutting around 5,000 jobs on the heels of a huge quarterly loss.

The Japanese electronics maker lost 138.4 billion yen, or $1.8 billion, last quarter — more than double its loss a year prior — while sales fell off 28% as well. Plus, the company also increased the forecast for how much it expects to lose in the entire year.

The layoffs will slash around nearly 9% of Sharp’s global workforce.

Shares of the company have fell over 60% year-to-date, with over half that fall coming in the past month.

For more on jobs, check out InvestorPlace’s America’s Job Challenge Page.