Dutch electronics company Philips to cut 6,000 jobs worldwide

Dutch electronics company Philips to cut 6,000 jobs worldwide
Dutch firm Philips is axing 2,000 jobs (Alamy/PA)

Dutch consumer electronics and medical equipment maker Philips has said it is cutting 6,000 jobs worldwide over the next two years as it revealed a net loss of 1.6 billion euros (£1.49bn) in 2022, down from a net profit of 3.3 billion euros (£2.9bn) 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, is reeling from a worldwide recall of sleep apnoea machines and economic headwinds including Covid-related issues in China and the war in Ukraine.

CEO Roy Jakobs 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 the job cuts will significantly reduce costs and make Philips a “leaner and more focused organisation”.

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Cookie Policy Privacy Policy FAQ Help Contact Us Terms and Conditions

© Irish Examiner Ltd