The planned turnaround at Sharp following last year’s record loss is taking a nosedive. The company is announcing a first quarter operating loss of ¥138.4 billion (about $ 1.76 billion) — nearly triple 2011’s first quarter loss of ¥49.3 billion (about $ 628 million). The losses culminated in today’s announcement of 5,000 job cuts by March; its first since 1950. The company Management will be taking deeper pay cuts as well, ranging from 20 to 50 percent.

The loss had a huge effect on Sharp’s forecast for the fiscal year, which went from a ¥30 billion loss (about $ 382 million) to a ¥250 billion (about $ 3.18 billion) one for the year ending March, 2013. The company blamed sluggish performance in the first quarter, a tough business…

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