The U.S. solar panel maker First Solar Inc. is cutting its global staff by 30 percent, or about 2,000 jobs according to the Wall Street Journal:
The company's earnings have taken a hit over the past year from reduced government subsidies and heated competition among solar-panel producers. …
"After a thorough analysis, it is clear the European market has deteriorated to the extent that our operations there are no longer economically sustainable, and maintaining those operations is not in the best long-term interest of our stakeholders," said Chairman and interim Chief Executive Mike Ahearn.
First Solar reported in February it swung to a fourth-quarter loss on write-downs and other charges as net sales climbed 8%. The Tempe, Ariz., company had also cut its 2012 revenue projection, saying it would cut back production at its factories to match supply with weaker-than-expected global solar-power demand.