Electronics giant Philips posted fourth quarter net profit of €465m on Monday, below analysts’ expectations.
Sales in the fourth quarter were up 1.8% at €7.4bn
´Overall, Philips results are somewhat disappointing mainly due to the weaker-than-expected consumer lifestyle division,´ING analyst Sjoerd Ummels told news agency Reuters.
In particular, television sales were weaker than expected and the company has warned that consumers in Europe and the US will be reluctant to spend this year as well
‘Within the constraints of an economy that remained weak, with fragile consumer confidence in most mature markets, we successfully implemented a major part of our Vision 2010 roadmap. Television profitability, however, remained a major issue that we are committed to resolve,’ outgoing CEO Gerard Kleisterlee said in a statement.
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