Philips says it will cut 6,000 extra jobs by 2025
Royal Philips NV on Monday said it will cut an extra 6,000 jobs by 2025, including around 3,000 this year, as part of a plan to improve performance and drive value creation.
The company made the disclosure as it reported a swing to net loss for the fourth quarter of last year amid higher costs, but said that it has seen some improvement in the period and that is taking actions to address operational challenges in an uncertain environment. The company said its performance was hit by cost inflation that was partly offset by pricing and productivity measures.
Royal Philips said it now expects low-single-digit comparable sales growth and high-single-digit adjusted Ebita margin for this year. Group sales in the period were EUR5.42 billion compared with EUR4.94 billion and a consensus of EUR5.03 billion.
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