Philips announces job cuts and losses

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CEO Gerard Kleisterlee of Dutch consumer electronics giant Philips has announced that six thousand jobs will be scrapped globally this year, affecting all Philips divisions.

AMSTERDAM—The electronics company reported a net loss for the first time since 2002. In the last quarter of last year, the company suffered a net loss of around 1500 million euros. The total net loss for the whole of last year was 186 million euros. In 2007, Philips made a net profit of more than four billion euros.

The global financial crisis put substantial pressure on the results of nearly all of Philips' divisions. The exception was the Health Care division, which reported a nine percent growth in sales. Philips expects a further deterioration of the market situation in the first few months of this year.

Radio Netherlands/Expatica

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