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Philips posts nearly $2B Q4 loss, plans 6,000 layoffs
Royal Philips Electronics, the Dutch conglomerate that makes lighting products, on Monday reported a fourth-quarter loss of 1.47 billion euros (US$1.9 billion) and said it would cut 6,000 jobs, blaming weak global economic conditions for poor business performance, asset write-downs and restructuring charges.
The job cuts at Philips, also one of the biggest makers of medical equipment and consumer electronics, come on top of 7,000 cuts in the fourth quarter. It currently employs 121,000 worldwide.
The Amsterdam-based company had posted a profit of 1.40 billion euros for the same period a year earlier, when Philips booked 1.2 billion euros in gains on the sale of stakes in companies.
