Philips will cut 4,000 jobs worldwide due to continued poor results. In the Netherlands, this will lead to 400 redundancies, the company said.

The announcement will come with the release of the third quarter results. It’s the fifth straight quarter of declines in earnings and sales, and Philips says that will continue into the next quarter. Therefore, the company must take drastic measures to reduce costs, says a spokesman.

The manufacturer of medical devices and electronics is already holding talks with the social partners about the forced layoffs, a spokesman said.

Recall

In the third quarter, Philips made a loss of 1.3 billion euros. The problems result from the large recall of sleep apnea devices, supply problems and deteriorating economic conditions, among other things.

Earlier this month, Philips issued a profit warning. The company announced that the results for the third quarter would be worse than previously assumed. The reason for this was, among other things, a comparison between the manufacturer of the defective sleep apnea devices and the American authorities in the amount of 1.3 billion euros.

CEO Frans van Houten left the company on October 15, six months ahead of schedule. His successor was Roy Jakobs, who until then was ultimately responsible for the recall of the sleep apnea devices.