TV and electricals manufacturer Philips has become the latest tech firm to announce large-scale job cuts with news the company is to cut its global workforce by 6,000 people by the end of the year.

The announcement follows Philips’ loss of £1.4bn for the final quarter of 2008 – the first quarterly loss in five years for Europe’s largest technology outfit.

“The results reflect both the severe impact of the global financial and economic crisis and the decisive actions taken by management,” Philips chief executive Gerard Kleisterlee stated. “The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008.”

Philips was previously involved in immersion gaming firm amBX until it spun out the business via funding from venture capitalists late last year.