Philips to axe 7,000 jobs in bid to cut costs

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The Independent Online

Philips, Europe's leading consumer electronics groups, is to axe 7,000 jobs in a bid to cut costs.

Europe's leading consumer electronics groups says it is to axe 7,000 jobs in a bid to cut costs.

Philips made the decision shortly before announcing a profits warning after weak computer and telecoms markets sent profits diving in the first quarter of the year.

The company, which employs 222,000 people, also said it expects to make a net loss in the second quarter.

It said: "We see no signs that the slowdown in economic activity in certain parts of the world, particularly the US, is near its end."

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