Renesas Widens Loss Forecast on Job Cuts, Chip-Demand Slump
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Renesas Electronics Corp., the Japanese chipmaker getting a bailout from a state-backed fund, widened its full-year loss forecast as it cuts staff and reorganizes factories amid slowing demand.
The net loss may be 176 billion yen ($1.9 billion) in the year ending March 31, the Kawasaki, Japan-based company said in a statement today. That compares with an earlier loss forecast of 150 billion yen and the 162 billion-yen average loss of seven analyst estimates compiled by Bloomberg.