Philips Electronics Posts Surprise Profit

European electronics maker Royal Philips Electronics has posted an unexpected third-quarter profit due to the fact that the company’s operating earnings in its consumer unit almost doubled. Considering the dire straits that the technology industry has been through since the onset of the witehring recession, Philips’ performance has come as something of a surprise to many analysts.
The company’s third-quarter net income rose to $256 million, marking a rise of almost 300 percent from the same period last year’s figures. Philips’ performance completely smashes analyst expectations, with analysts expecting a net income loss of 44.7 million euros, or about $66 million. Sales, …read more