Philips to lay off 6,000 workers

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. 

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