Philips to axe 6,000 jobs after loss in fall
01/26, 3:50pm
Philips to cut 6,000 jobs
Philips Electronics said it will cut its global workforce to the tune of 6,000 because it posted the first quarterly loss in about six years, according to a Monday report. At the same time, the company stopped the buy-back program of its shares. The 1.47 billion Euro ($1.9 billion) loss in the fourth quarter of 2008 is partly due to a write-down of Philips' Lumildes diode light business as well as the downgrading of its shares in NXP Semiconductors and LG Display. Net losses for 2008 amounted to 186 million Euros (nearly $242 million).