Philips cutting 4,500 jobs as profits fall!

[Gerald]

Struggling Dutch lighting and consumer electronics group Philips is to cut 4,500 jobs.It made the announcement as it reported a sharp fall in third-quarter profits as a result of lower margins, falling sales and a loss at its TV division.Its group-wide net profit for the three months to 30 September was 74m euros ($103m; £65m), compared with 524m euros a year earlier.Philips has issued two profit warnings in the past seven months.Meanwhile, its share price has fallen 40% over the past year, as the company struggles to compete with lower-cost Asian rivals.

http://www.bbc.co.uk/news/business-15332243


Note: 17 October 2011 Last updated at 09:16 GMT

[soopaman2]

So that means they are hiring 5k Chinese at a quarter of the wage most likely...The Shareholders are happy, thats all that matters...


Right?

Anyone? *echo*

[August]

So that means they are hiring 5k Chinese at a quarter of the wage most likely...The Shareholders are happy, thats all that matters...


Right?

Anyone? *echo*

Right because going out of business totally is far more preferable eh?

[AVGWarhawk]

So that means they are hiring 5k Chinese at a quarter of the wage most likely...The Shareholders are happy, thats all that matters...


Right?

Anyone? *echo*


Welcomed to world economics. :O:

[kraznyi_oktjabr]

Welcomed to globalized world economics. :O:Improved for you. :03: