Philips reports over billion euro loss, will cut jobs

Like many other electronics companies announcing poor results, Philips has revealed a £1.4 billion loss for the fourth quarter of 2008.

It's the Dutch company's first reported loss for over 5 years and has prompted 6000 job cuts across Philip's global operations.

Philips, which is Europe's biggest electronics company, saw a 9% rise in its Healthcare division, but "lower sales" in its Consumer Lifestyle segment in what it says is a "challenging" retail market.

Gerard Kleisterlee, president and CEO, said: "The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008".