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Philips’ Q1 Earnings Fall 75% |
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Written by Chelsey Drysdale
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Monday, 14 April 2008 |
AMSTERDAM – Royal Philips Electronics’ first-quarter profit was $420 million, down 28% year-over-year, the company reported today. Net income fell 75% year-over-year to $344 million.
Overall sales were $9.46 billion, up slightly from a year ago.
First-quarter revenue last year had benefited from a $1.2 billion addition from the partial sale of the company’s stake in Taiwan Semiconductor Manufacturing Corp.
Profit for the consumer lifestyle division, including music players and TVs, was $122 million, down 45% compared to first quarter last year; sales fell 5% to $4.2 billion.
Philips is Europe’s largest consumer electronics company.
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