Philips reported a quarterly loss. 6,000 jobs are being cut
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In the fourth quarter of 2022, the Netherlands’ Royal Philips NV posted a net loss due to increased expenses, while the company’s revenue growth exceeded market expectations. In October-December, the net loss of Philips amounted to 105 million euros against 151 million euros of net profit a year earlier.
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Adjusted profit before interest, taxes and depreciation (EBITA) amounted to 651 million euros against 647 million euros a year earlier. The profitability of this indicator was 12%.
Quarterly revenue of Philips increased by 10% and amounted to 5.42 billion euros against 4.96 billion euros in the fourth quarter of the previous year, comparable sales increased by 3%.
The consensus forecast of analysts, drawn up by the company itself, provided for a net loss of 16 million euros on revenue of 5.03 billion euros.
The revenue of the Connected Care division, which offers solutions for remote monitoring of patients’ conditions, increased by 14% and amounted to 1.37 billion euros. In the Personal Health segment, revenue did not change and amounted to EUR 1.06 billion.
The division, which develops equipment in the field of diagnostics and therapy with visual control (Diagnosis & Treatment), increased revenue by 12% to 2.81 billion euros.
The company expects that in 2023 its comparable sales will increase by 1-3% (low-single-digit), and the profitability according to adjusted EBITA will be 7-9%.
Dismissal of employees
The company’s management also announced the layoff of another 6,000 people by 2025, including the reduction of about 3,000 jobs in 2023. In October, it was announced plans to lay off 4,000 employees.
Capitalization of Philips has grown by almost a quarter over the past three months and now amounts to about 13.69 billion euros.
Author: 
News feed editor Anna Nedogybchenko. She writes on the following topics: Finance, banks, economy, investments
Source: Ministry of Finance
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