Dutch consumer electronics and medical equipment maker Philips will cut 6,000 jobs over the next two years, in addition to the reduction of 4,000 staff announced in October, the company has revealed.
The decision followed the reports that the company suffered a net loss of €1.6bn (£1.49bn) last year, down from a net profit of €3.3bn (£2.9bn) in 2021.
The decline in revenue has largely been attributed to a write-down in the value of its Sleep & Respiratory Care business, which recently recalled 5.5 million ventilators used to treat sleep apnoea over worries that foam used in the machines could become toxic.
The large-scale recall slashed around 70 per cent off Philips' market value in 2022, according to reports.
Philips CEO Roy Jakobs said 2022 was “a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step up performance with urgency”.
He added the job cuts will significantly reduce...