Philips is widely expected to announce a major round of cost cuts to cope with reduced demand in western Europe when it presents second quarter figures on Monday, the Financieele Dagblad reports.

Philips issued a second profit warning in June and extra cost savings are inevitable, analysts interviewed by the paper said.
Philips said at the time it would take steps to boost profits but gave few details.
Rabobank analysts expect the electronics giant to announce a package aimed at reducing costs by up to €500m. Others say cuts of up to €200m are on the cards.
‘[New CEO Frans] van Houten still deserves the benefit of the doubt,’ Theodoor Gilissen analyst Jos Versteeg told the paper. He expects the revamp to focus on the ‘ill-considered’ outsourcing of IT operations.