Philips announced Monday that it is reducing its global workforce for the second time in recent months as it works to boost profitability following a recall of its sleep apnea machines.
Former Council of Economic Advisers Chairman Kevin Hassett reacts to some Big Tech giants slashing jobs, telling 'Cavuto: Coast to Coast' data indicates the economy is heading towards a recession.worldwide as it works to boost profitability.
The workforce reduction will occur over the next two years with the first 3,000 cuts taking place this year, the Dutch consumer electronics and medical equipment maker said on Monday. In its earnings report, the company revealed it suffered a net loss of 1.6 billion euros in 2022, which is down from a net profit of 3.3 billion euros last year.
"2022 has been 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," CEO Roy Jakobs said in a statement. Monday's news brings the total number of job cuts to 10,000 since Jakobs took over in October to help the company turn around its business, which had been reeling from a recall of its sleep apnea machines.
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