Hit with a worsening slump in the LCD market, Sharp Wednesday cut its earnings outlook for fiscal year 2008 for the second time in three months. In spite of the dire news, the company said it will go ahead and finish building a new LCD plant.
The world's third-largest LCD maker now says it expects to report a net loss of $1.3 billion, instead of $1 billion, as previously forecast.
At the same time, Sharp said it was axing 1,500 employees in an effort to save approximately $2.2 billion, and instituted pay cuts for top executives.
Despite the downward earnings outlook, Sharp Wednesday said it was going ahead with plans to open a $3.79 billion plant to manufacture 10th-generation mother glass substrates for large-screen LCD TVs using 40-, 50- and 60-inch glass LCD panels.
"Though the worldwide demand for LCD TVs has slowed temporarily due to the global economic recession, it is expected to further expand, notably in emerging economies such as China," the company said in a statement.
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