Philips will cut 5% of employees – News – Business – Kommersant
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The Dutch company Philips announced plans to cut 5% of its employees (about 4 thousand people). Roy Jacobs, who recently took over as CEO of the company, made the announcement after publications its quarterly reporting. Philips like-for-like sales fell 5% to €4.3bn, the company ended the quarter with a net loss of €1.3bn against profit a year earlier.
Philips’ troubles began last year when the company had to revoke 4 million ventilators, ventilators and apnea sleep aids due to “identified potential health risks”. The company’s business was also negatively affected by supply disruptions, lockdowns in China and the situation in Ukraine. Shares of Philips for the year fell by 72.5%. “We had five consecutive quarters of declining sales, falling profits, and now we have a loss,” Mr. Jacobs said. He took over CEO in mid-October.
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