By Marcus Leach

Phillips, the Dutch lighting and consumer electronics group, have announced they will cut 4,500 jobs.

The announcement comes following a reported sharp fall in third-quarter profits as a result of lower margins, falling sales and a loss at its TV division.

Over the past seven months Phillips had issued two profit warnings, having seen net profit for the past three months down to €74m, when a year earlier profits for the same period had been €524m.

Further to that its share price has fallen 40% over the past year.

Join us on
Follow @freshbusiness