Philips Posts Loss, Cuts Up to 4,000 Jobs
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Philips Electronics, Europe’s largest consumer electronics company, reported a bigger-than-expected second-quarter loss because of slowing sales of semiconductors, mobile phones and televisions, and said it will slash as many as 4,000 more jobs.
The job cuts will be made in the semiconductor and components divisions.
Philips reported a second-quarter operating loss of about $296 million, contrasted with a profit of about $595 million in the year-earlier period.
Revenue dropped 16% to $6.53 billion. Sales of components, such as computer and mobile-phone screens, plunged 40%. Chip sales declined 19% and consumer electronics sales fell 18%.
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