Home / News / Surround Sound System News / Philips Records €1.47 Billion Loss

Philips Records €1.47 Billion Loss


Philips Records €1.47 Billion Loss

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).


January 26, 2009, 6:35 pm

Wow the TR news section is beginning to look like a bit like the FT website.

Maybe you should just put up those companies that have defied expectations haven't made a loss (Apple, Google). Then you can just consolidate all the companies and their associated losses into one, easy to manage news article.

Granted, it may be a little late for that, but it's something to think about for next quarter when I'm sure even Apple and (maybe) Google will be on the wrong end of a bad financial statement.


January 26, 2009, 8:29 pm

@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 and the former at least gives you guys a choice.

Don't worry, not long until MWC :)


January 27, 2009, 12:04 am

I like the seperate updates :)

These are big companies that affect how the electronic world is run, so deserve a bit of column space.


January 27, 2009, 7:48 pm

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 downs, etc.?


January 27, 2009, 8:07 pm

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.

I'd much rather read about all the upcoming new and exciting gadgets that I'll be dying to get my hands on. Unfortunately I don't need a new phone right now ;)

comments powered by Disqus