Philips is the latest casualty in ongoing global meltdown or their employees are, more specifically, as the European tech giant announced 6,000 redundancies today.

The cuts come after the Dutch company released figures of their first quarterly loss in six years seeing profits sink to €1.47 billion in the red. That sounds like the kind of sum that could end all things Royal Philips Electronics but then given that this time last year they made about the same amount…