THE HAGUE, Netherlands (AP) — Dutch consumer electronics and medical equipment maker Philips said Monday it is cutting 6,000 jobs worldwide over the next two years as it revealed a net loss of 1.6 billion euros ($1.7 billion) in 2022, down from a net profit of 3.3 billion euros last year.

The job losses come on top of a reduction of 4,000 staff the company announced in October.

The company, which has its headquarters in Amsterdam, is reeling from a worldwide recall of sleep apnea machines and economic headwinds including COVID-related issues in China and the war in Ukraine.

CEO Roy Jakobs said 2022 was “a very difficult year for Philips and our stakeholders, and we are taking firm actions to improve our execution and step up performance with urgency.”

He said the job cuts will significantly reduce costs and make Philips a “leaner and more focused organization.”