Embattled Dutch medical tech maker Philips has announced layoffs. Philips said on Monday that the company is planning to lay off 6,000 employees from its worldwide total workforce. The company has taken this decision due to the loss caused by the recall of a large number of faulty sleep respirators.

4 thousand employees were fired 3 months ago
Chief executive Roy Jacobs said, ‘This decision is difficult for us, but we have announced a further reduction in the number of employees by 2025.’ Even 3 months before this, Philips had laid off 4,000 employees out of its total workforce.

Jacobs said, ‘2022 has been a very difficult year for Philips and our stakeholders. We are taking tough actions to improve our execution and enhance performance.

Net loss of 1.6 billion euros in the year 2022
Amsterdam-based firm Philips had a net loss of 105 million euros ($114 million) in the fourth quarter of 2022. At the same time, in the last one year, the company has suffered a net loss of 1.6 billion euros due to large-scale recalls of defective devices.