After a $1.9bn loss…
By Erica Ogg
Published: 27 January 2009 08:54 GMT
Yet another electronics maker is recording a rare quarterly loss.
Sony and Samsung last week reported their first ever losses. Now, it is Philips' turn for some bad news. The European company said Monday it lost $1.9bn during the last quarter of 2008, with sales decreasing by nine per cent from the same quarter the previous year. As a result, Philips said it plans to cut 6,000 jobs this year. The company last reported a loss in 2003.
"What is quite amazing is not so much the depth of slowdown, it's the lack of visibility there is," Philips Electronics chief financial officer Pierre-Jean Sivignon told MarketWatch.
And as bad as the fourth quarter was, he said, the first quarter of this year has been even harder.
Original article: Philips to cut 6,000 jobs from CNET News.com
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