Philips surprised by 23% profit increase
Europe's largest consumer electronics manufacturer, Philips, was surprised by their quarterly earnings. See, it's not just us that can't figure out these markets! Philips was apparently bolstered by surprise demand in the home entertainment area. <Begin sarcasm> Yes, we were completely shocked as well. What's the big buzz in home entertainment all of a sudden? Did we miss something? </End Sarcasm>
Profits for Philips rose 23% on a sales increase of 5% for the quarter. Philips turned a year ago loss in the consumer electronics division into a 164-million-euro operating profit. Additionally, the division is now the leading revenue generator which begs the question: when is the big surprise party? Who knew home entertainment would be this big? Not us.
