North American TV Sales Drag Philips Down

An expanding health-care sector in China couldn’t help Royal Philips Electronics offset poor television and video sales in North America, as the world’s leading lighting company reported core profits fell 28% in the first quarter, Reuters reports today. The company said it expects the global economic slowdown will continue to hurt its consumer-electronics sales.

The company said overall sales were $9.44 billion, a 1% increase over a year ago, but said North American sales were off 9%, the Associated Press reports; Philips shares slid 3.1% in European trading. Philips said lighting—particularly its green segment—grew in the quarter, as did its worldwide health-care sales. (More corporate earnings stories.)