Philips to slash 4,000 jobs globally after weak quarterly earnings

Tech company Philips announced to cut off 4,000 jobs on Monday in a move to combat multiple challenges the company faces. The job cut represents over five per cent of the company's workforce. The company announced the decision after its quarterly earnings.

Philips CEO Roy Jakobs said that the difficult move is taken to improve productivity and agility, IANS reported. He added that these initial actions are needed to start turning the company around to realise its' profitable growth potential and create value for all the stakeholders.

The severance and termination-related costs are likely to be approximately 300 million euros ($295 million),