Philips Records €1.47 Billion Loss

Author	Hugo Jobling
Published	26th Jan 2009

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Thought we'd heard the end of consumer electronics companies posting huge losses? Then think again because Philips is joining in, revealing a Q4 net loss of €1.47 billion (£1.38 billion).

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Even in isolation that's not exactly a great figure, and compared to last year's Q4 net profit of €1.4 billion (£1.31 billion) it looks even worse. As a result Philips will be cutting around 6,000 jobs and ceasing its initiative of buying-back shares which it started in December 2007.

As the company stated in its earnings release: "Our fourth-quarter results confirm the expectation we expressed early December that the short-term economic outlook is worsening and that 2009 is likely to be a very challenging year."

Link:
Philips Q4 2008 Financials (PDF).

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Gordon said on 26th January 2009

@smc8788 - we'd love to, but sadly during the financials section there are virtually no product announcements. It's depressing news verses no news at all I'm afraid ... more

gettinhigh said on 26th January 2009

I like the seperate updates :)
These are big companies that affect how the electronic world is run, so deserve a bit of column space.

Joe said on 27th January 2009

I too think it is interesting reading this news: seeing how different companies are affected. This example is particularly horrifying? Is there a specific reason, such as write dow... more

smc8788 said on 27th January 2009

Yeah I know, it wasn't a criticism, I just find it depressing reading article after article of this company losing this much, that company firing this many people, etc.
... more

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