Philips Q2 earnings better than expected

Electronics giant Philips booked net profit of €45m in the second quarter of this year. Even though this is 94% down on the 2008 second quarter, analysts had expected a loss.

Sales were down 19% year on year at €5.2bn, the company said in a“>statement.
Philips has been hard hit by falling demand because of the recession and is taking steps to reduce costs. By the end of this year, the company plans to have cut its annual spending by €500m, with a further €100m in savings a year due by 2010.
The company is in the process of cutting its workforce by 9,000.

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