Philips plans reorganisation and job cuts, Dutch paper reports – Reuters

AMSTERDAM, Jan 27 (Reuters) – Medical equipment maker Philips (PHG.AS) is planning a reorganisation including further job cuts, to be announced at its fourth quarter earnings Jan. 30, a Dutch newspaper reported on Friday.
Eindhovens Dagblad, based in the city where the company was founded, said Philips plans 1,000 job cuts in the Netherlands alone, citing "sources around the firm".
A spokesperson for Philips declined to comment.
The company announced in October plans to reduce its workforce by 5%, or 4,000, after a recall of respiration devices that has knocked 70% off its share price since mid-2021.
New CEO Roy Jakobs is due to lay out his strategic plan for the company along when it reports earnings on Monday.
Analysts are expecting the company to post fourth-quarter net profit of 140 million euros ($152.2 million), down from 507 million euros in the same period of 2021, Refinitiv data shows.
($1 = 0.9201 euros)
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