BusinessPhilips will cut 6,000 jobs

    Philips will cut 6,000 jobs

    After registering large losses in 2022, the electronics company Philips announced a new layoff template on Monday, this time in order to reduce costs; some are calculated 6,000 jobs for 2025, of which 3,000 are already subtracted for this year.

    The managers of the Dutch multinational assured that 2022 was one of the most difficult years, registering close to 1,500 million euros in losses. For this reason, the company has made firm decisions in favor of the company, such as the 4,000 layoffs they made in October of last year.

    Read Also:   Elon Musk files another notice to cancel purchase agreement with Twitter, citing privacy issues on the platform

    “Simplifying the way you work to increase productivity,” was what Roy Jakobs, CEO of Philips, said about the massive cuts in the company, which had a payroll in 2022 of approximately 79,000 people around the world.

    Now with the announcement of cuts, shares of the Amsterdam-based company shot up to a 6.50% on the pan-European Euronext stock exchange, that is, about 16.50 euros per share. However, the withdrawals from the market of its controversial respirators to treat sleep apnea have in recent months reduced shares to 40%, 10% less than in the previous three years.

    Read Also:   The 10 states in the US where you can afford the most to live on a Social Security check

    The company also has been affected by the war between Ukraine and Russia, in addition to the reduction in sales in China. Philips believes that this cut strategy will help make the company “more agile and competitive” and will enable “significantly reduced costs,” the company said.

    Revenue in the fourth quarter of last year amounted to 171 million euross, product of some improvements in the supply of components that increased sales to about 5,400 million euros, However, this was not enough to stop the large losses of some 1,529 million euros registered in 2022.

    Read Also:   An original copy of the first US Constitution will go up for auction at $30 million

    It may interest you:

    IBM will lay off almost 4,000 employees as part of its business reorganization

    Sharpie announced the reduction of 13% of its jobs

    Google, Amazon, Meta and others have cut more than 190,000 jobs: layoffs could spread to more sectors

    Source: La Opinion

    This post is posted by Awutar staff members. Awutar is a global multimedia website. It serves as a source of News, Business, Opinion, Analysis, Sports, Health, Fitness, Technology, Education, Travel, and More. If you want to get in touch with us write via: [email protected]


    Please enter your comment!
    Please enter your name here

    1 × 1 =

    Subscribe & Get Latest News