Panasonic Corp., the world’s largest consumer-electronics maker, will cut about 15,000 jobs and predicted its first loss in six years as the deepening recession hurts demand for televisions and cameras. The company forecast a net loss of 380 billion yen ($4.3 billion) and a 15 percent decline in sales in the year ending March 31. Panasonic, led by President Fumio Ohtsubo, also slashed its planned dividend 33 percent to 30 yen a share.

Panasonic joins rival Sony Corp. in eliminating thousands of workers and closing factories as consumer spending slumps worldwide. The Osaka-based company today lowered its revenue forecast by 8.8 percent as falling demand and prices turn the main TV operations unprofitable this year.

“Earnings have just been atrocious all around, while the massive scale and rapidity by which profits have evaporated is surprising,” said Naoteru Teraoka, who helps oversee $21 billion at Chuo Mitsui Asset Management Co. in Tokyo. “There’s no way to make up for the harsh environment simply by restructuring.”

You can read the entire article at Bloomberg.