J&J to reduce headcount despite robust sales

Tuesday, 18. October 2022 18:29

Johnson & Johnson's Chief Financial Officer Joseph Wolk said Tuesday that the company will reduce its workforce due to the economic pressures and the intentional detachment of its consumer-health business in 2023.

Earlier, the company announced that its sales in the third quarter of the year experienced an annual increase of 1.9% to $23.8 billion, exceeding expectations. However, Wolk added that the company is not entirely immune to the current economic situation.

"We're not immune to some of the economic pressures that are out there just like many companies are facing in many industries," Mr. Wolk said in the interview. "So we're taking this opportunity to look at the resources, how we deploy them."

Related Links: Johnson & Johnson
Author:
Baha Breaking News (BBN) / JG