Philips sees $1.7B loss in ’22, cuts 6,000 jobs

Recall hurts maker of medical devices

THE HAGUE, Netherlands -- Dutch consumer electronics- and medical equipment-maker Philips said Monday that the company is cutting 6,000 jobs worldwide over the next two years as it revealed a 2022 net loss of $1.7 billion, down from a net profit of $3.5 billion the previous year.

The job losses come atop a head count reduction of 4,000 the company announced in October.

The company, which has its headquarters in Amsterdam, is reeling from a worldwide recall of sleep apnea machines and economic headwinds including covid-related issues in China and Russia's war in Ukraine.

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 said the job cuts will significantly reduce costs and make Philips a "leaner and more focused organization."