Toshiba posts FY2023 net loss, announces 4,000 job cuts in Japan

Japanese industrial giant Toshiba says it will cut up to 4,000 jobs in the country as part of a plan to turn the business around after going into the red last fiscal year.

Toshiba on Thursday reported a net loss of 74.8 billion yen, or about 481 million dollars for the 12 months that ended in March.

Consolidated sales fell 2 percent from a year earlier to 3.3 trillion yen, or about 21 billion dollars.

A drop in performance of leading semiconductor firm Kioxia Holdings had a major impact on Toshiba's earnings as it holds about a 40-percent stake.

Stripping that out, Toshiba's operating income fell almost 64 percent to just under 40 billion yen, or around 256 million dollars.

Toshiba delisted in December after a buyout led by Japan Industrial Partners.

The new management announced its three-year business plan and said the job cuts would take place by the end of November. That would be a reduction of up to 6 percent of its workforce in Japan.

President and CEO, Shimada Taro said, "This is absolutely necessary to ensure that Toshiba will survive for another 100 years from now. I feel a strong sense of responsibility for this situation that has arisen."

Shimada added that Toshiba must undertake unprecedented reforms and transform into a business that is needed by the public.