Philips to cut 4,000 jobs ‘immediately’ after bigger-than-expected loss

Royal Philips
NL,
+3.00%
PHIA,
-0.81%
on Monday stated it is going to “instantly” lower 4,000 jobs after reporting a bigger-than-expected loss on Monday. Roy Jakobs, chief govt officer, introduced the layoffs in a shareholder observe, saying the corporate faces “a number of challenges and our earnings mirror this.” He stated Philips plans to strengthen affected person security and high quality administration, handle “numerous sides” of the Philips Respironics recall and “urgently” enhance provide chain operation. The job cuts will assist enhance productiveness and improve agility, stated Jakobs. Philips will even safe a €1 billion credit score line. The corporate reported a internet lack of €1.33 billion ($1.31 billion) in contrast with a year-ago revenue of €2.97 billion, versus expectations of a internet lack of €838.4 million, based mostly on FactSet.