Consumer electronics and lighting giant Philips Electronics (NYSE: PHG) announced Tuesday that it will be cutting 2,200 jobs to further reduce costs and boost its bottom line.

The Wall Street Journal reported that the cuts will be focused on the consumer-goods and lighting divisions. Reuters reported that "reducing complexity in areas such as IT" was one of the company's goals. The Netherlands-based company has more than 120,000 workers worldwide. An earlier round of 4,500 job cuts was announced last October.

Chief Executive Frans van Houten said the company hopes to cut 1.1 billion euros, up from an earlier goal of 800 million euros. The latest layoffs will reportedly help save 300 million euros. Van Houten told Reuters in July that he believed the company was in "sustainable recovery mode." The firm has beaten earnings estimates in the past two quarters.

Philips competitor Panasonic (NYSE: PC) is struggling as well. Citing high debt levels, Panasonic was downgraded two notches on Monday to a level just above "junk" status by Moody's Japan.