Royal Philips Electronics NV informed that its earnings in the third quarter almost doubled. Philips Electronics third-quarter results benefited from growth in emerging markets as well as the cost cuts implemented lately. Royal Philips Electronics believes that it is on a “good trajectory” to meet its 2013 targets.
Philips Q3 results
Philips Electronics was forced to increase its target of cutting costs up to $1.4 billion or 1.1 billion euros. The company issued a statement that it has opted to cut a further 2,200 work positions while it struggles to cope with the miserable state of the economy and the costs involved with pensions.