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).
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."
Philips Q4 2008 Financials (PDF).