Philips to Cut 4,500 Jobs as Profit Sinks

Philips to Cut 4,500 Jobs as Profit Sinks

Jock Fistick/Bloomberg

An employee checks ceramic metal halide lamps on the finishing station at the Royal Philips Electronics NV lighting unit. Shares of Philips have declined 35 percent this year, reducing the market value of the company to 14.9 billion euros.