Healthcare tech giant Philips scraps 4,000 staff worldwide

THE HAGUE, Netherlands (AP) — Dutch healthcare electronics giant Philips says it is scrapping 4,000 staff worldwide amid the fallout from a recall of sleep apnea machines and economic headwinds. The company announced the cuts Monday as it unveiled a 1.3 billion euro third-quarter net loss. The job cuts amount to about 5% of the company’s global workforce. New CEO Roy Jakobs, who took the reins earlier this month, says the company faces “multiple challenges and our Q3 2022 performance reflects this.” He called the job cuts “difficult, but necessary.” Last year, the company announced a recall of sleep apnea machines saying that foam used in the devices could be a health risk.