Dutch electronics giant Philips to cut 6,000 jobs worldwide

Philips, the Dutch home appli­ance and med­ical device mak­er, said on Mon­day it will cut 6,000 jobs world­wide over the next two years, while also reduc­ing its net prof­it from €3.3 bil­lion last year to €1.6 bil­lion in 2022. ($1.7 bil­lion) net loss.

The job cuts are in addi­tion to the 4,000 job cuts the com­pa­ny announced in October.

The Ams­ter­dam-based com­pa­ny is fac­ing eco­nom­ic head­winds, includ­ing a glob­al recall of sleep apnea devices, Covid-relat­ed prob­lems in Chi­na and the war in Ukraine.

CEO Roy Jacobs said 2022 is “a very chal­leng­ing year for Philips and our stake­hold­ers, and we are tak­ing deci­sive action to improve exe­cu­tion and improve our per­for­mance as a mat­ter of urgency.”

It said the job cuts would cut costs sig­nif­i­cant­ly and make Philips a “sleek­er, more focused organization.”