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