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

, 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…