12:20 - 24.10.2022

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October 24, Fineko/abc.az. Dutch medical equipment manufacturer Philips plans to cut approximately 4,000 jobs in an attempt to optimize the organizational structure.

Company’s CEO Royan Jacobs says that a large-scale recall of medical products led to decrease in the market value of the company over the past year by about 70%.

Philips' adjusted earnings before interests, taxes and depreciation (EBITA) in the 3rd quarter fell by 60% to 209 million euro.

Comparable sales decreased by 6% to 4.3 bn euro. According to Philips, the supply shortage problems turned out to be much more serious than expected, and they will continue to put pressure on sales in the last months of 2022.