Philips CE & Lighting Sales Plunge

Written by David Richards     17/07/2011 | 06:39 | Category: LIGHTING

Deteriorating demand for Philips lighting and consumer electronics products are set to result in the worst quarterly result in two years.

Philips CE & Lighting Sales Plunge

The Company that has already exited the Australian TV market is expected to announce a 42% slump in earnings according to a survey of analysts by Bloomberg.

CEO Van Houten is responding by deepening cost cuts to combat deteriorating demand for lighting and consumer electronics.

Philips may remove management layers, cut office and information technology costs, said FNV Bondgenoten union official Ron van Baden. At least $430 million in savings are needed just to offset higher costs, analysts surveyed by Bloomberg said.


Breaking News

  • $120,000 Samsung Ultra HD 105

    $120,000 Samsung Ultra HD 105" TV Goes On Sale
    24 hours after arch rival LG announced the World's First Curved ULTRA HD 4K OLED TV Samsung has put their 105-inch Ultra HD television which was first shown at CES on sale for a cool $120,000.