CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Royal Philips NV, a Dutch multinational corporation, revealed this week that it would be laying off thousands of employees worldwide. The company said it was forced to do so due to the plunging sales and other issues.
Philips said it would cut five percent of its workforce, and this is equivalent to about 4,000 people. The company's chief explained that this move is part of a scheme to combat the falling sales, which were partly due to the recall of its sleep apnea machine and eventually taking a massive hit from this - amounting to €1.3 billion.
The job cuts were revealed by Roy Jakobs, Philips' current chief executive officer, during the recent performance report for the third quarter of 2022. He confirmed that they had faced many challenges, and the Q3 report shows this.
Fox Business reported that the firm has 80,000 employees, and eliminating a small percentage is needed for the company to survive and for Philips to achieve its growth potential. It was noted that the firm incurred huge losses after recalling its Respironics Ventilators and other machines due to health risks.
These devices were sold around the world, and millions of units were already distributed, so the impact on the company was great. With this, Philips is expecting to see a mid to single-digit comparable sales decline in the last quarter of this year. As per Reuters, the job cuts may be worldwide but will mostly affect workers in the United States and the Netherlands.
"My immediate priority is to improve execution so that we can start rebuilding the trust of patients, consumers and customers, as well as shareholders and our other stakeholders," Royal Philips CEO, Roy Jakobs, said in a press release.
He further explained, "We will do this by first further strengthening our patient safety and quality management and addressing the various facets of the Philips Respironics recall by urgently improving our supply chain operations and simplifying our way of working to improve productivity and increase agility and this includes the difficult, but necessary decision to immediately reduce our workforce by around 4,000 roles globally."
