Sharp, one of Japan's oldest consumer brands, "needs a miracle" to recover from its current struggles, global investment banking firm Jefferies said on Friday.
Operating losses more than tripled to $1.5 billion for the fiscal year that ended in March, the Osaka-based firm reported on Thursday, blaming sliding demand for its liquid crystal display (LCD) panels, with sales of LCD televisions slumping an annual 23 percent during the year.
Taiwan's Hon Hai Precision or Foxconn, which paid $3.5 billion for a 66 percent stake in Sharp earlier this month, said job losses were on the cards in order to bolster efficiency and turn around the ailing firm. Sharp shares rallied 6 percent in early Friday trade following the news, while Foxconn shares rose more than 2 percent. read the rest here