12 February 2013, Japan’s electronic maker, Pioneer, says it now expects to suffer a $40 million USD loss, instead of a previously expected $10 million profit.

As a result 800 employees will be laid off, and the rest will see their pay go down.  Pioneer is the first major Japanese electronics maker to couple pay reductions with job layoffs.

Company officials said their optimistic expectations of profits were shattered by the reality of crashing sales worldwide.