Philips cutting 4,500 jobs as profits fall!

Gerald · 10-17-11, 06:32 PM

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

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

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.

kraznyi_oktjabr · 10-18-11, 04:35 PM

Quote:

Originally Posted by AVGWarhawk

Welcomed to globalized world economics.

Improved for you.

10-17-11, 06:44 PM	#2
soopaman2 Der Alte Join Date: Sep 2011 Location: New Jersey, USA Posts: 3,316 Downloads: 61 Uploads: 0	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 __________________ If Hitler invaded Hell I would make at least a favourable reference to the devil in the House of Commons. -Winston Churchill- The most fascinating man in the world.