103 million net loss for Philips

Philips reported a net loss of 103 million euros in the third quarter today. The electronics company had to put aside money for a lawsuit over two patents. Philips is faced with a fine of nearly 370 million euros.

The company has also suffered from difficult market conditions in countries such as China and Russia. Today Philips reported a turnover of 5.5 billion euros in the third quarter, as compared with 5.6 billion euros last year.

CEO Frans van Houten stated that he was not satisfied with Philips’ overall performance in the third quarter. He also said he does not expect many setbacks in the upcoming period.

Source: Studio040

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