Philips posts better-than-expected profits - Telegraph The results compare with a €1.35bn net loss in the same period last year and analysts' forecasts of a net profit of €118m. Sales for the quarter rose 5pc to €5.89bn. However, he added there was no "denying that the global economy is weaker now than it was just three months ago, especially in Europe, which accounts for approximately 25pc of our revenue." Philips said its plan to save €400m this year on track. Last year the company unveiled a €800m cost cutting programme, which included 4,500 job cuts. The company is known for its televisions, small appliances and light bulbs, but has begun to develop activities in the medical equipment sector.