The Dutch Royal Philips Electronics Company’s earnings report released on October 21st showed that the company’s third-quarter net profit nearly tripled from a year ago, from 105 million euros to 281 million euros, better than analysts’ expectations of 209 million. EUR. In the quarter, the company's sales increased by 3% year-on-year to 5.62 billion euros.
Analysts believe that the main reason for Philips' outstanding performance is that the Group has rationalized and reorganized its business to make its products more in line with market demand. In the past two years, Philips has reorganized its product range and is actively expanding in emerging markets such as India, Russia, Indonesia, most of Africa and China to reduce its dependence on the European and American economies.
In addition, Philips sold its consumer electronics business, including TV and audio and video, as it has been competing with low-cost Asian manufacturers. The company also focuses on more profitable home appliances such as blenders and electric toothbrushes, home and office lighting, and medical equipment.
Philips CEO Wan Hao said in a statement issued on the same day that the company will continue to work to achieve this year's financial goals, but due to the global economic downturn, it is expected that the company's sales growth in the next few quarters will continue to be affected.
Analysts believe that the main reason for Philips' outstanding performance is that the Group has rationalized and reorganized its business to make its products more in line with market demand. In the past two years, Philips has reorganized its product range and is actively expanding in emerging markets such as India, Russia, Indonesia, most of Africa and China to reduce its dependence on the European and American economies.
In addition, Philips sold its consumer electronics business, including TV and audio and video, as it has been competing with low-cost Asian manufacturers. The company also focuses on more profitable home appliances such as blenders and electric toothbrushes, home and office lighting, and medical equipment.
Philips CEO Wan Hao said in a statement issued on the same day that the company will continue to work to achieve this year's financial goals, but due to the global economic downturn, it is expected that the company's sales growth in the next few quarters will continue to be affected.
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