North American TV Sales Drag Philips Down

Profits off 28% in first quarter as electronics giant feel pinch
By Jim O'Neill,  Newser User
Posted Apr 14, 2008 10:15 AM CDT
Philips CEO Gerard Kleisterlee reacts at the start of a press conference in Amsterdam, Netherlands, Monday Jan. 21, 2008.    (AP Photo/Peter Dejong)
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(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.