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Gerald

10-17-11 06:32 PM

Philips cutting 4,500 jobs as profits fall!

Quote:

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

10-17-11 06:44 PM

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

10-17-11 06:52 PM

Quote:

Originally Posted by soopaman2 (Post 1769684)

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

10-17-11 07:02 PM

Quote:

Originally Posted by soopaman2 (Post 1769684)

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

10-18-11 04:35 PM

Quote:

Originally Posted by AVGWarhawk (Post 1769693)

Welcomed to globalized world economics. :O:

Improved for you. :03:

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