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Quote of the day:
"There is a large element of me in every role I do. Actors who say they can dive inside a character are either schizophrenic or lying." -- Bruce Campbell |
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 Philips' Chip Sales on the Run
By SKillBot on October 18, 2000 2:03 PM
Royal Philips Electronics, Europe's second-biggest semiconductor maker, said third-quarter profit more than doubled, driven by rising sales of chips that run mobile phones and digital cameras. This has much to do with Europe's demand for specialized chips for consumer products like PDAs and phones.
(Source: news.com)
Philips, like Europe's top chipmaker STMicroelectronics, is faring better than U.S. rival Intel, which recently cut growth forecasts and blamed sagging sales on lower European demand for personal computer chips.
Philips' third-quarter sales rose 21 percent to $8.03 billion, led by semiconductors, components and consumer products. Revenue from the consumer electronics unit, which accounts for 39 percent of total, rose 19 percent in the third quarter. Chip sales rose 55 percent to $1.56 billion.
Sales at the components unit, which is headed by Philips veteran Gerard Kleisterlee, rose 17 percent. Kleisterlee has been named to replace Boonstra next year. Revenue from Philips' phone unit rose 14 percent.
"That's the solid performance that is now expected from Philips," said Steven Vrolijk, an analyst at ING Barings in Amsterdam who rates Philips shares a "buy." "All units fared a bit better than expected, except the lighting division."
The company repeated an earlier forecast it would have "double digit" profit growth for the full year.
Philips, which makes products including vacuum cleaners, light bulbs and X-ray machines, now has eight businesses: components, semiconductors, consumer electronics, business electronics, medical systems, lighting, domestic appliances and computer services.
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