Skip to main content

Philips reports 85% drop in profits, announces job cuts

Philips reports 85% drop in profits, announces job cuts
Hard times for Philips

Philips has reported some pretty bad figures for the third quarter of the year, with profits having fallen a staggering 85%.

The bleak financial news means that around 4,500 workers will lose their jobs as part of a £700 million cost cutting plan.

Compared to the same time last year, Philips' profits are down from €524 million (£459 million) to €76 million (£66.5 million).

Television woes

It was announced in April that Philips would sell a chunk of its television making business off to a Hong Kong-based company called TVP, but the negotiations are reportedly taking longer than anticipated.

"For the eventuality that a final agreement cannot be reached, Philips will consider its alternative options," said Philips' CEO Frans van Houten.

Based in the Netherlands, Philips has held court as Europe's biggest consumer electronics producer; but with figures like these, it's not clear how long that title can realistically last.

From The Guardian

News Editor (UK)

It's a perpetual challenge among the TechRadar staff to send Kate (Twitter, Google+) a link to something interesting on the internet that she hasn't already seen. As TechRadar's News Editor (UK), she's constantly on the hunt for top news and intriguing stories to feed your gadget lust. And having been immersed in the world of tech and tech rumours for more than six years, she can spot a photoshopped iPhone 8 image from 20 paces.