Japan's NEC Corporation has announced plan for major job cuts. Reuters reports that NEC will cut 10,000 jobs, which is about 10% of its workforce. Reuters says the company is blaming part of its poor smartphone sales on the popularity of the iPhone in Japan.
NEC's operating income was down 13.5% for the three months ending December, 31. You can see NEC latest financial results here. Reuters says NEC is warning of a big $1.3 billion loss for the year ending March, 2012. NEC also reduced its forecasted smartphone sales by 5 million.
Japan's NEC Corporation has announced plan for major job cuts. Reuters 
