Businessweek

Sharp Corporation (TSE:6753) is planning to sell its overseas holding in order to raise ¥40 billion. Sharp intends to sell its television factory in Malaysia, Recurrent Energy, LLC and other shareholdings. Sharp's spokeswoman said, "It is true that we are carrying out structural reforms." The shares of Sharp surged 13.22% on May 16, 2013 on the reported plan for sale.

Sharp Corporation announced that Sharp Executive Vice President Kozo Takahashi will replace current President Takashi Okuda, who led the company as it scrambled to secure capital from Innolux, Qualcomm and Samsung and warned about its future as a going concern. Okuda will become chairman replacing Mikio Katayama, a former president who led Sharp's aggressive investment large-size LCDs that included its 10th-generation plant in Sakai, Japan. Takahasi was CEO of Sharp's U.S. operations from April 2010 to May 2012.

Sharp Corporation announced earnings results for the fiscal year to March 2013. For the period, the company posted a annual loss for the second year in a row, although it added that it expected to return to profitability in the current fiscal year. The company reported a net loss of JPY 545.3 billion in the year to March, its worst-ever shortfall after losing JPY 376 billion in the previous year. Sales in the period were JPY 2.48 trillion, up from JPY 2.46 trillion a year earlier. The company provided earnings guidance for the fiscal year to March 2014. The company expected to eke out a small JPY 5.0 billion net profit in the current fiscal year to March 2014.

Sharp Corporation, 2013 Earnings Call, May 14, 2013

Sharp Corporation is expected to cut more than 5,000 jobs in a effort to restructure its production plans for the year 2014. Most of the employees losing their jobs will be from Malaysia and China. The company will cut maximum jobs from its Osaka office, bringing the headcount to 50% of the existing number. The company currently has no plans to work upon the production of UHD television displays as in 4Kpanels. The company is also expected to invest $120 million with Qualcomm to develop power conserving display screens.