Big Law
Healthcare Technology Giant Philips to Cut 4,000 Jobs Worldwide
Dutch healthcare technology giant Philips is scrapping 4,000 staff worldwide amid the fallout from a recall of sleep apnea machines and economic headwinds, the company announced Monday as it unveiled a 1.3 billion euro ($1.28 billion) third-quarter net loss.
The job cuts amount to about 5% of the company’s global workforce and are expected to save it 300 million euros annually, Philips said.
New CEO Roy Jakobs, who took the reins earlier this month, acknowledged that “we face multiple challenges and our Q3 2022 performance reflects this.” He called the job cuts “difficult, but necessary.”
