Philips Swings To Q2 Loss

Philips Electronics NV PHG swung to a second-quarter net loss of €1.34 billion ($1.89 billion), from a profit of €259 million in the year-ago period. Its sales dropped to €5.21 billion, from €5.35 billion in the year-earlier period. Analysts were expecting a net profit of €59.5 million on sales of €5.31 billion. The company also launched a €2 billion share buy-back program. PHG shares gained 2.03% to close at $24.68 on Friday.