Philips profits slide 31% in first quarter

Philips has announced an expected 31% drop in first-quarter profits as a result of weakening demand for semiconductors and consumer electronics.

The Dutch electronics company says earnings will not increase until the second half of the year.

First quarter net profit from operations totalled US$222 million.

Europe's consumer electronics sector was sluggish and semiconductor sales were affected by slower market growth and higher price pressure, notably in the US and in Europe, Philips says.

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