Connect with us

Hi, what are you looking for?

Hitthestock.comHitthestock.com

Tech News

Philips Hue reorganizes, plans job cuts to save $218 million annually

A Philips Hue Bridge on a white table with a power cord and ethernet cable connected to it.
Signify, the company which owns Philips Hue, is restructuring its business to focus on four key areas. | Photo by Jennifer Pattison Tuohy / The Verge

Signify, the company that owns smart lighting brands Philips Hue and WiZ, is restructuring in the face “of ongoing market volatility and uncertainty.”

In a press release on its website published earlier this month, Signify announced a “new customer-centric organization and structural cost reductions.” This appears to signal that the company is focusing more effort on products that consumers and businesses can buy and less on making products for other manufacturers and specialty lighting applications like projectors and lamp electronics.

“After the major transformation we achieved through the past decade, we are taking the next step by organizing our company around four vertically integrated businesses. Three of these will focus on…

Continue reading…

You May Also Like

Editor's Pick

Travis Fisher The Environmental Protection Agency’s (EPA’s) greenhouse gas (GHG) rule for power plants was published in May 2023 and the original comment period...

Tech News

Illustration by Alex Castro / The Verge Apple announced a pilot program called “contingent pricing for subscriptions” on Friday that will let App Store...

Editor's Pick

In this edition of the GoNoGo Charts show, as equities rally with speed from 4600 to 4700 this week, Alex and Tyler take a...

Editor's Pick

In the fourth of a five-part special series on StockCharts TV‘s The Final Bar, Dave discusses the top leadership trends of 2023. From the concept of...