Philips is cutting another 6,000 jobs, recall of apnea devices still costs the company a lot of money

Philips saw its turnover on a comparable basis fall by 3 percent in 2022 to 17.8 billion euros. The Dutch company points to problems in the supply chain and reduced sales in China, among other things. Adjusted operating cash flow (EBITDA) plummeted from nearly 2.1 billion in 2021 to over 1.3 billion last year. In 2023, Philips expects sales growth of 1 to 3 percent, with “a slow start” to the year followed by a steady improvement. The profit margin would also improve.