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Philips to cut 4,000 jobs due to weak Q3 Loss

Philips to cut 4,000 jobs due to weak Q3 Loss

Philips has said that the company will lay off 4,000 jobs as the company is hit by a massive financial for faulty sleep respirators pushed it into a loss.

Roy Jakobs – Chief Executive said his “immediate priority is to improve execution so that we can start rebuilding the trust of patients, consumers, and customers, as well as shareholders and our other stakeholders. This includes the difficult but necessary decision to immediately reduce our workforce by around 4,000 roles globally,”.

It is expected that Philips will make another 300 million euros in charges in the coming quarters. The investment will proceed for the restructuring purpose. The company expects that the measures it will take will be leading to savings of a similar amount.

The company currently employs nearly 80,000 people in 100 countries.

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