Philips is laying off thousands of its employees around the world

Its losses amounted to 1.6 billion dollars!

Philips is laying off thousands

The Netherlands-based Philips Electronics announced, on Monday, January 30, 2023, that it will lay off 6,000 of its employees around the world to cut costs, including 1,100 in the capital, Amsterdam and Eindhoven.

The company said, in a statement about its sales for the year 2022, that sales declined and the company’s losses amounted to 1.6 billion euros last year, pointing out that it will lay off 6,000 of its employees around the world.

“huge loss”

In October 2022, the company with a staff of 80,000 faced significant losses from its withdrawal of faulty respirators from circulation. This setback caused an immense financial hardship and necessitated them to downsize their workforce by 4,000 employees as a cost-saving measure. Ultimately this amounted to 1.3 billion euros in net loss for the organization.

In an effort to reach a settlement with US authorities, Philips has been hard at work attempting to resolve the hazardous issues caused by their defective sleep apnea devices that have proven detrimental for users. Nevertheless, this hasn’t stopped them from being bombarded with multiple lawsuits.

Over the last few years, our company has contended with a range of distribution challenges as well as financial hardship. Moreover, we have been confronted by mounting pressure due to the COVID-19 pandemic and ongoing conflict in Ukraine.

It is noteworthy that Philips is the conglomerate of the Dutch multinational company that was founded in Eindhoven, the Netherlands, since 1997, and was headquartered in Amsterdam.

Philips was previously one of the largest companies in the world, and is currently focused in the field of health technology with the divestiture of other divisions. Sales of Philips Medical Technology amounted to 27 billion euros in 2006.

The tech industry has seen more than 200,000 layoffs since the start of 2022, according to, a website that tracks job cuts as they appear in media reports and company releases.

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