IT Layoffs 2023: Philips Latest Firm to Join Sacking Spree, Company to Fire 6000 Employees
The job cuts announced on Monday are in addition to those outlined in October.
- Philips to cut 6000 jobs by around 2025.
- Philips is to cut 3000 jobs this year.
- In October, last year, the company announced to slash of 4,000 jobs.
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New Delhi: Tech firm Philips on Monday said that it plans to cut 6,000 jobs by 2025, including around 3,000 this year, to enhance performance and drive value creation. In October, last year, the company announced to slash of 4,000 jobs as it faced "multiple challenges" which was reflected in its Q3 earnings. The Dutch health-tech company further said that the simplified operating model will make it more agile and competitive while reducing costs, reports Market Watch.
Moreover, the Market Watch report mentioned that the disclosure came as the company reported a net loss for the fourth quarter of last year due to higher costs, but it also stated that it has seen some improvement in the period and is taking steps to address operational challenges in an uncertain environment. (Also Read: Google Layoffs 2023: HR Fired From Company While Interviewing a New Candidate to Hire for Job Role)
The tech company, which sells products such as MRI scanners and ultrasound machines, reported a net loss attributable to shareholders of 106 million euros ($170.6 million) in the fourth quarter of 2021, compared to a profit of 157 million euros in the previous quarter.
The company stated that cost inflation harmed its performance, which was partially offset by pricing and productivity measures, said the report.
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