Philips Surprises with Q1 Turnaround

Philips Electronics reported better-than-expected quarterly results, buoyed by one-off gains and a stronger performance at its consumer and healthcare businesses, in the first signs of a long-awaited turnaround under new management.

But the Dutch group warned that the outlook for the rest of the year was still worrying given the weak economic environment, as fragile consumer spending and government budget cuts in its key markets have a direct impact on its three main businesses in consumer electronics, medical equipment, and lighting systems.

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