Feeds

Philips admits first loss in six years

6,000 jobs cuts in 2009

Next gen security for virtualised datacentres

Royal Philips Electronics reported its first quarterly loss in nearly six years, prompting the consumer electronics giant to announce plans to cut 6,000 jobs worldwide in 2009.

The layoffs will come on top of the 3,000 cuts in the past quarter.

The Amsterdam-based company posted a Q4 loss of €1.47bn ($1.93bn, £1.39bn), compared to a profit of €1.40bn in the same period a year earlier.

Philips said the drop included the previously announced write-downs of €1.06bn in its stakes of LCD maker LG Display and NXP semiconductors.

The company also wrote down €232m of its stake in Lumileds, a lighting business it bought in 2005. Philips blamed the write-down on lower-than-anticipated demand for car, mobile-phone, and television markets.

Fourth-quarter sales were 7.62bn euros, down 8.9 per cent year-over year.

"Our fourth-quarter results confirm the expectation we expressed early December that the short-term economic outlook is worsening and that 2009 is likely to be a very challenging year," the company said in a statement.

Revenue for full-year 2008 was 26.4bn euros, down 1.5 per cent from 2007.

Philips certainly isn't the only major consumer electronics firm losing money in today's weak economy. The profit dump comes just a few days after Sony reported its first loss in 14 years and Samsung announced its first-ever quarterly loss. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.