Philips Drops as Electronics, Lighting Decline Hurts Profit
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Royal Philips Electronics NV, the world’s biggest maker of light bulbs, dropped the most in more than two years in Amsterdam trading after saying it needs to deepen cost cuts to combat deteriorating demand for lighting and consumer electronics.
Philips fell 8.8 percent to 16.405 euros, the biggest decline since March 2009. Chief Executive Officer Frans Van Houten has taken control of the lighting unit, which will report “low single-digit” sales growth in the second quarter, the Amsterdam-based company said in a statement.