Philips (NYSE:PHG) layoffs are on the way as the company plans to cut 6,000 jobs as it looks to regain profitability.
With these latest job cuts, the amount of employees laid off by Philips in the last few months comes to 10,000. That represents roughly 13% of the company’s global workforce.
However, investors will note that the 6,000 jobs cuts announced today won’t take place all at once. Instead, Philips will lay off half of those employees in 2023, and the other half by the time 2025 gets here.
It’s worth noting that the Philips layoffs come after a rough quarter for the company. It experienced a massive recall of respiratory devices that resulted in a major drop in its market value. In addition to that, current economic headwinds are also affecting the business.
Philips Joins Layoffs Trend
Philips is far from the only company that has announced layoffs recently. The tech sector is being hit especially hard by job cuts right now. This comes as inflation and worries about a recession affect both companies and consumers.
As far as trading goes, PHG stock is having a typical day with some 1.2 million shares of the stock changing hands. For comparison, the company’s daily average trading volume is about 2.9 million shares.
PHG stock is up 5.3% as of Monday morning.
Investors will want to stick around for all of the latest stock market news today!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.