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10/18/2021, 7:02 AM (Source: TeleTrader)
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Philips' sales down 7.6% to €4.2 billion in Q3

Philips N.V. announced on Monday that its sales in the third quarter of 2021 slid 7.6% compared to the same period a year before, when adjusted for inflation, amounting to €4.2 billion. The nominal sales growth was 6% compared to the last year's third trimester.

Net income skyrocketed over 770% year-over-year to €2.98 billion in the third three-month period, mostly due to the divestment of the domestic appliances unit. The company's diluted income from continuing operations attributable to shareholders rose 56.6% to €0.47, while income from continuing operations jumped 58.4% to €442 million.

"We successfully completed the sale of the Domestic Appliances business, resulting in a gain of €2.5 billion. With this, we concluded our major divestments, allowing us to focus fully on extending our leadership in health technology and continuing our transformation into a solutions company," CEO Frans van Houten commented.

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