Sony Ericsson Plans to Issue 2,000 More Pink Slips this Year
Sony Ericsson posted a net loss of $387 million for the first quarter of 2009, its third consecutive quarterly loss. In response to falling sales, Sony Ericsson said it plans to cut 2,000 additional employees this year along with instituting other cost-reduction measures. Sony Ericsson already announced a work force reduction of 2,000 employees earlier this year. Sony Ericsson expects to save about $785 million by the middle of 2010 with the job cuts and restructuring efforts.
Ericsson to Dump Mobile Modem Biz
Ericsson today said it will cease to make wireless modems for mobile devices and cut about 1,000 jobs as a result. Ericsson cited fierce competition in the space as playing a role in its decision.
Qualcomm to Cut Jobs Amidst Cost Restructuring
Qualcomm today said it will pursue aggressive cost restructuring, including the elimination of jobs, as it seeks to balance its financials. Qualcomm indicated it plans to slash $1.4 billion in expenses through a number of different actions, including job cuts of about 4,500, or 15% of its work force.
Sony to Beef Up Camera Sensor Production
Sony said it intends to invest $376 million this year in order to increase its capacity to manufacture imaging sensors. The company currently makes about 60,000 wafers per month.
Sprint to Digest $150 Million Charge On Layoff Costs
Sprint will be forced to take a $150 million charge to cover costs associated with laying off staff, according to a filing with the SEC. Sprint announced plans to cut an undisclosed number of staffers earlier this year.
Sony to Buy Toshiba's Camera Sensor Business
Sony has agreed to acquire Toshiba's camera sensor business for $155 million. Under the terms of the deal, Sony and its subsidiary, Sony Semiconductor Corporation, will acquire a fabrication facility, equipment, 1,100 employees, and other assets associated with Toshiba's 300mm wafer production facility in Oita, Japan.