Philips to cut 6,000 jobs
The decision comes after the European electronics maker posts quarterly loss, its first since 2003.
Yet another electronics maker is recording a rare quarterly loss.
and Samsung last week reported their first ever losses. Now, it is Philips' turn for some bad news. The European company said Monday it lost $1.9 billion during the last quarter of 2008, with sales decreasing by 9 percent from the same quarter the previous year. As a result, Philips said it plans to cut 6,000 jobs this year. The company last reported a loss in 2003.
"What is quite amazing is not so much the depth of slowdown, it's the lack of visibility there is," Philips Electronics Chief Financial Officer Pierre-Jean Sivignon told MarketWatch.
And as bad as the fourth quarter was, he said, the first quarter of this year has been even harder.