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July 9, 2008 7:47:50 AM CDT

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North American TV Sales Drag Philips Down

Posted Apr 14, 08 10:15 AM CDT in Technology,  Business    Editor's Choice

(Newser) – An expanding health-care sector in China couldn’t help Royal Philips Electronics offset poor television and video sales in North America, as the world’s leading lighting company reported core profits fell 28% in the first quarter, Reuters reports today. The company said it expects the global economic slowdown will continue to hurt its consumer-electronics sales.

The company said overall sales were $9.44 billion, a 1% increase over a year ago, but said North American sales were off 9%, the Associated Press reports; Philips shares slid 3.1% in European trading. Philips said lighting—particularly its green segment—grew in the quarter, as did its worldwide health-care sales.

Sources Reuters, Associated Press

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Philips CEO Gerard Kleisterlee reacts at the start of a press conference in Amsterdam, Netherlands, Monday Jan. 21, 2008.   (AP Photo/Peter Dejong)
Philips Electronics said its core profit was off 28%.   (AP Photo)
Philips' Chief Executive Gerard Kleisterlee awaits at the start of a press conference in Amsterdam, Netherlands, in this Jan. 22, 2007 file photo.   (AP Photo/Peter Dejong, File)
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China  • television  • corporate earnings  • consumer electronics  • global economy  • Philips


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