After Byju’s & Elon Musk’s announcement, Philips decides to lay off 4,000 employees

Just a few days after Byju’s and Elon Musk announced to lay off employees, global technology firm Philips on Monday announced it will cut 4,000 jobs to "improve productivity and increase agility".

The Q3 sales were affected by operational and supply challenges, Philips said in a statement.

Releasing a statement, Philips CEO Roy Jakobs said the process to improve productivity and agility "includes the difficult, but necessary decision to immediately reduce our workforce by around 4,000 roles globally, which we do not take lightly and will implement with respect towards impacted colleagues."

"These initial actions are needed to start turning the company around in order to realize Philips' profitable growth potential and create value for all our stakeholders," Mr Jakobs said.

Philips' performance in the quarter was impacted by operational and supply challenges, inflationary pressures, the COVID situation in China and the Russia-Ukraine war.

Earlier, there were reports that Billionaire Elon Musk had planned to get rid of nearly 75% of Twitter's 7,500 workers.

Musk, whose $44 billion purchase of the social network is set to close by Oct. 28, would reduce Twitter's staff to just over 2,000 people, compared with the 7,500 it currently employs, the Post said, citing documents and people familiar with the plans.

However, Twitter Inc. told that there haven’t been plans for companywide layoffs.