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Home » Philips lays off 4,000 following dismal Q3 results
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Philips lays off 4,000 following dismal Q3 results

Oct. 25, 2022
By Annette Boyle
Just days after taking the helm of Royal Philips NV, CEO Roy Jakobs told shareholders that the company plans to “immediately reduce our workforce by around 4,000 roles globally” as a result of multiple challenges that contributed to poorer than expected third quarter results. The company posted a net loss for the quarter, missing consensus, which it attributed to continuing supply chain issues and the deteriorating economic environment.
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