Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Tidetron Shines at Future Food Asia 2023, Securing Award for the Fastest Growing Agrifood Biotech Startup in China

    May 29, 2023

    CoinEx Launches BitHK to Provide Crypto Trading Services for Hong Kong Users

    May 29, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023
    Facebook Twitter Instagram
    Morocco News HubMorocco News Hub
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Morocco News HubMorocco News Hub
    Home » Philips cuts 13 percent of jobs in a safety and profitability drive
    Business

    Philips cuts 13 percent of jobs in a safety and profitability drive

    January 30, 2023
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    In order to restore its profitability and improve the safety of its products, the Dutch health technology company Philips will cut another 6,000 jobs globally. This is following a recall of respiratory devices that knocked off 70% of its market value. According to the company, half of the job cuts will be achieved this year and the other half by 2025.

    According to Reuters, the ongoing reorganization brings the company’s total number of job cuts to 10,000. This is around 13% of its workforce, which was announced by newly appointed CEO Roy Jakobs in recent months. As the economy turns tougher, companies such as Alphabet’s Google, Microsoft, Amazon and German software maker SAP are making layoffs to cut costs.

    As of 0855 GMT, Philips shares were up 5.5%, helped by better-than-expected earnings for the fourth quarter. “There is a significant beat on Q4 and the operational improvement measures are significant,” ING analyst Marc Hesselink wrote.

    As Philips grappled with the fallout from the recall of millions of sleep apnoea ventilators over fears that foam used in the machines might become contaminated, Jakobs took over the company last October. “I think what we present today is a very strong plan to secure Philips’ future. We are addressing the challenges we have head on,” Jakobs said. The reorganized entity will place patient safety at the center, according to Jakobs.

    Jakobs stated that innovations will be targeted at “fewer, better resourced, and more impactful projects” in order to increase profitability while also improving safety. Combined, these factors should lead to a low-teens profit margin, as measured by adjusted earnings before interest, taxes, and amortization (EBITA), by 2025, and a margin in the mid-to-high teens thereafter, as measured by comparable sales growth in the mid-single digits.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023

    World Bank predicts 4.8 percent expansion in UAE’s non-oil sector in 2023

    May 18, 2023

    PM Modi’s progressive policies bolster India-US tech collaboration

    May 16, 2023
    Latest News
    PR Newswire

    Tidetron Shines at Future Food Asia 2023, Securing Award for the Fastest Growing Agrifood Biotech Startup in China

    May 29, 2023

    SINGAPORE, May 29, 2023 /PRNewswire/ — The 7th edition of the Future Food Asia (FFA) conference…

    CoinEx Launches BitHK to Provide Crypto Trading Services for Hong Kong Users

    May 29, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    India’s mastery in space: ISRO’s successful launch of Cartosat-3 satellite

    May 29, 2023

    Hisense Unveils U8 and ULED X TV Products, Redefining Entertainment in South Africa

    May 29, 2023

    Sharakah joins Beehive as new investor

    May 29, 2023

    Big Data Expo 2023: Merging Digital Technology with Culture

    May 27, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023
    © 2021 Morocco News Hub | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.