Highlights:
Consumer electronics company Philips has a net loss of 1.6 billion euros in 2022.
Under the first phase, a total of 3,000 new jobs will be cut in the company in 2023.
Around 6,000 employees will be laid off globally by 2025.
New Delhi. Dutch consumer electronics and medical device company Philips after layoffs in several giants including Google, Twitter, Amazon, Meta and Facebook (Layoffs in Philips) Has also made a big announcement. This company will lay off 6,000 employees at the global level in the next 2 years. Earlier in October, the company had announced to reduce its workforce by 4,000. This deduction is in addition to
The Amsterdam headquartered company is facing losses globally due to Covid in China. Apart from this, the Russia-Ukraine war has also affected the company. The company has a net loss of 1.6 billion euros in 2022 while in 2021 the company made a net profit of 3.3 billion euros.
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‘Difficult decision, but necessary’
The company’s Chief Executive Officer (CEO) Roy Jacobs said that the year 2022 was very difficult for Philips and our stakeholders. “We are taking steps to improve our execution and performance.” Jacobs, who took over the reins of the company in October, said Philips needed to simplify the way it works to improve performance and productivity.
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Employees will be retrenched in two phases
Phillips said, 6,000 jobs will not be eliminated at once. Under the first phase, a total of 3,000 new jobs will be cut in 2023. At the same time, by 2025, around 6,000 employees will have to lose their jobs globally.
Philips has cited the loss caused to the company due to the recent product recall as the reason for the retrenchment. The company said that some time ago the company had recalled its products in large quantities due to faulty sleep respirators. Due to this, he is also facing many lawsuits in America.
At the same time, the firm incurred a loss of 105 million euros ($114 million) for the fourth quarter of 2022, compared to a total loss of 1.605 billion euros for the previous year.
(with input from AP)
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Tags: amazon, Google, job loss, job news, Twitter
FIRST PUBLISHED : January 30, 2023, 16:30 IST