The Dutch consumer electronics giant Philips is cutting thousands of jobs to cope with the global slump which has seen it slip into the red. Chief Executive Gerard Kleisterlee reported a fourth quarter loss last year of 1.5 billion euros, amid falling orders.Philips said the job cuts would affect all sectors around the world, but it hoped to speed up re-structuring, and to make savings of 400 million euros in 2009. The company’s results follow a string of poor performances in the electronics industry. Sony has warned it will post a record two billion euro operating loss this year, while Samsung went into the red for the first time at the end of last year.
Philips to cut thousands of jobs