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Philips Warns On Profit As Consumers Shun Electricals

June 22, 2011
Royal Philips Electronics Wednesday warned that second-quarter profit at two of its three business units would come in much lower than expected, underscoring the depth of the slump in demand for electrical products across Europe. Philips, whose products include medical scanners, shavers, kettles and lighting, warned of a significant drop in second-quarter operating profit at its lighting and consumer lifestyle divisions. It also said it will shortly reveal details of company-wide cost cutting measures and "decisive actions" to combat plunging demand. Market observers said...

 

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