Sharp reports net loss
Japanese electronics manufacturer Sharp has announced larger-than-expected losses, forcing it to seek a bailout from banks.
Last week, the company reported a net loss of 222bn yen (£1.18bn) for the year to March. Sharp is now set to be bailed out for the second time in three years, with a wave of job losses expected as part of a fresh restructuring plan.
"A turnaround solution for Sharp is not out of the question, but it will need sharper minds, sharper products and a sharper focus on cash management, which the bailout banks could just provide," Motley Fool chief executive David Kuo told BBC News.
Sharp was particularly hard hit by the recent weakness of its LCD TV business in the US, while its smartphone display arm is also under pressure. The company admitted to a "lack of foresight in market changes" which had resulted in "large deficits for the year".
Around 10 per cent of Sharp's global workforce is expected to be cut following the poor results.