Philips announces 1.3bn euros loss
The new chief executive of Philips is accelerating his turnaround plan after the Dutch electronics firm posted a surprise net loss of 1.3bn euros ($1.83bn; £1.13bn) for the second quarter.
Frans van Houten blamed the poor figure on weak markets and write-downs of the value of its lighting and healthcare assets.
He said he intended to make 500 million euros of further cost savings - the equivalent of about $700m (£435m).
He also warned there may be more job losses on top of the 6,000 that have already been cut at the firm.
18 Jul 2011