On the 9th, Japan's Panasonic Holdings Corporation announced plans to lay off 5,000 people both domestically and overseas starting from the 2025 fiscal year. At the same time, the Panasonic Group will terminate unprofitable businesses where expected returns are difficult to improve and will consolidate or merge some branches.
In a bulletin released on the 9th, the Panasonic Group stated that the company will focus on implementing management reforms and resolving the group's structural and fundamental issues in Japan’s 2025 fiscal year (from April 2025 to March 2026). During the reforms, the various companies within the group will focus on thoroughly optimizing business efficiency particularly within the business departments and will redesign the necessary organizational structures and staffing numbers.
On the same day, the Panasonic Group released its financial report for the 2024 fiscal year. The report shows that Panasonic's operating revenue for the 2024 fiscal year was 8.46 trillion yen, slightly down by 0.5% compared to the previous fiscal year; net profit was 366.2 billion yen (approximately 10.807 billion Malaysian Ringgit), a year-on-year decrease of 17.5%.
Panasonic hopes to achieve profit growth through structural reforms in the 2026 fiscal year; however, the cost of reform is expected to cause the company to incur a loss of approximately 130 billion yen in the 2025 fiscal year.