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Quote:Royal Philips on Monday said it will "immediately" cut 4,000 jobs after reporting a bigger-than-expected loss on Monday. Roy Jakobs, chief executive officer, announced the layoffs in a shareholder note, saying the company faces "multiple challenges and our earnings reflect this." He said Philips plans to strengthen patient safety and quality management, address "various facets" of the Philips Respironics recall, and "urgently" improve supply chain operation. The job cuts will help improve productivity and increase agility, said Jakobs. Philips will also secure a EUR1 billion credit line. The company reported a net loss of EUR1.33 billion ($1.31 billion) compared with a year-ago profit of EUR2.97 billion, versus expectations of a net loss of EUR838.4 million, based on FactSet.
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