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.
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