Due to poor performance in the past year, in particular the results of the last quarter, the electronics and medical equipment company and major expat employer Philips has been forced to make major cuts.
Out of the 11,000 Philips employees in the Netherlands, 400 unfortunate souls will have to face the facts of redundancy. Across the world, the number is ten times as high, writes the NOS.
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It might sound overly drastic to let 4000 people go, but the truth is, Philips made a baffling ā¬1.3 billion loss in the third quarter this year. That’s the fifth quarter in a row with bad numbers for the tech giant.
So yeah, it’s quite bad.
In their defence, the economy is going pretty terribly, so it’s hardly a surprise that some are struggling. Also, a large chunk of last quarter’s deficit was due to a massive recall situation which cost the company big bucks earlier this year.
All this, in combination with devastating supply issues, has led to the firing of 4000 people around the world, 400 people in the Netherlands, and the resignation of the Philips CEO last week.
Have you experienced the Philips drama? Tell us about it in the comments below!
