HomeBUSINESSDutch Electronics Giant Philips Poised To Sack 6,000 Worldwide

Dutch Electronics Giant Philips Poised To Sack 6,000 Worldwide

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Dutch consumer electronics and medical equipment maker Philips reportedly said on Monday that it is cutting 6,000 jobs worldwide over the next two years.

This is, according to AP, as the company revealed a net loss of 1.6 billion euros ($1.7 billion) in 2022, down from a net profit of 3.3 billion euros last year.

The job losses come on top of a reduction of 4,000 staff the company announced in October.

The company, which has its headquarters in Amsterdam, Netherlands, is reeling from a worldwide recall of sleep apnea machines and economic headwinds including COVID-related issues in China and the war in Ukraine.

Chief Executive Officer Roy Jakobs was quoted as having said 2022 was “a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step-up performance with urgency.”

He said that the job cuts will significantly reduce costs and make Philips a “leaner and more focused organisation.”

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