Japan’s Panasonic to cut about 17,000 jobs

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“There is so much left for us to tackle,” he said from Osaka headquarters via a satellite feed in Tokyo. “We hope to revive our TV business.”

For the three months ended March 31, Panasonic’s global sales dipped 7 percent on-year to 2.04 trillion yen ($25 billion).

For the fiscal year, it reported a 74 billion yen profit ($908 million), a reversal from the 103.5 billion yen loss for the previous fiscal year.

A strong yen also hurt Panasonic, slashing fiscal year operating profit by 43.9 billion yen ($539 million). A strong yen hurts Japanese exporters by eroding the value of their overseas earnings.

(This version CORRECTS job cuts figure to 17,000 instead of 35,000.)

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