Philips cutting 4,500 jobs as profits fall

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, BBC News reports.

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.

To learn more go to www.bbc.co.uk