Philips cutting 4,500 jobs as profits fall

Struggling Dutch lighting and consumer electronics group Philips is to cut 4,500 jobs. It made the announcement as it reported a sharp fall in third-quarter profits as a result of lower margins, falling sales and a loss at its TV division. Its group-wide net profit for the three months to 30 September was 74m euros ($103m; £65m), compared with 524m euros a year earlier. Philips has issued two profit warnings in the past seven months. Meanwhile, its share price has fallen 40% over the past year, as the company struggles to compete with lower-cost Asian rivals. Philips' quarterly revenues declined by 1.3% to 5.4bn euros. "We do not expect to realise a material performance improvement in the near term," said Philips chief executive Frans van Houten. Do you work for Philips? You can tell us how the announcement of job losses will affect you by using the form below.