Medical devicemaker Royal Philips said Jan. 30 it will lay off 6,000 employees by 2025, and half of those will be conducted this year.
The Denmark-based company said the layoffs will help with a "simplified operating model" and "a significantly reduced cost structure." The news comes a few months after Philips said it would reduce its workforce by 4,000, and those layoffs are already underway.
The same day, Philips posted its 2022 fourth-quarter results. Compared to the year before, its sales fell 3 percent "mainly due to operational and supply challenges, the COVID-19 situation in China, the consequences of the Respironics field action and the Russia-Ukraine war," the company said.