Philips posted a loss of €1.3bn in the second quarter on sales up 4%, the electronics giant said in a statement on Monday.

The company is now poised to embark on a reorganisation to cut costs by €500m and has revised its growth targets downwards.
According to the Telegraaf, the loss is due to a large, one-off write-off which new CEO Frans van Houten has opted to take directly.
‘Our second-quarter results were impacted by near-term operational challenges, weaker markets and a significant impairment charge,’ Van Houten said. ‘We are taking necessary steps to improve performance and we are confident in the prospects of our portfolio.’
No details have yet been given of what the reorganisation will entail, but unions fear thousands of job losses are on the cards.
More to follow