HomeEducationPhilips will cut 4,000 jobs globally, says CEO

Philips will cut 4,000 jobs globally, says CEO

Recessio2k22: Global technology firm Philips has announced its third quarter results, saying that the company will cut 4,000 jobs to increase productivity. Philips said in a statement that third-quarter sales were impacted by operational and supply challenges. According to the company’s update on October 12, group sales stood at EUR 4.3 billion, a decline of 5 per cent.

Philips CEO Roy Jacobs said in a statement that in the process of increasing productivity, it has decided to immediately reduce the workforce in approximately 4,000 roles globally. This is a difficult but necessary decision and will not be taken lightly by the Company but will be implemented with the utmost respect in relation to the affected associates.

Philips’ performance in the quarter was impacted by operational and supply challenges, inflationary pressures, the COVID situation in China and the Russia-Ukraine war.

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