Panasonic layoff update: In a significant update amid the Indo-Pakistan tensions a global giant has declared a massive layoff affecting hundreds of employees. In the recent development Japanese electronics giant Panasonic which supplies batteries to Tesla announced layoffs of 10000 employees across Japan and worldwide. Here are all the details you need to know about the recent Panasonic layoff move. The company has decided to layoff four percent of its employees working in the company which is a massive numbers approximately 230000 employees. The company has taken this decision keeping profit in mind. Reason behind massive layoff Layoffs are necessary to achieve better performance than other companies Panasonic Holdings CEO Yuki Kusumi said in an interview with Japans Nikkei newspaper in April. Panasonic reveals future plans The move is part of the companys management reform aimed at responding to the dramatic changes in the global business environment as per a report carried by CCTV. In addition to workforce reductions Panasonic also plans to withdraw or shut down loss-making businesses and streamline and consolidate indirect functions the report said. According to its fiscal 2024 earnings report released the same day Panasonic reported a revenue of 8.46 trillion yen (about 54 billion U.S. dollars) down 0.5 percent from the previous fiscal year while its net profit dropped 17.5 percent year on year to 366.2 billion yen (about 2.53 billion U.S. dollars). (With inputs from agencies)