The company doubles its income for the third quarter
The mid- to long-term consequences have yet to be seen but, for the short term, Philips has profited greatly from selling its TV business.The transaction, which was initiated in April but only reached the royalty exchange phase between July and September, has effectively doubled the company's income for the quarter.
Meanwhile, sales of LED bulbs skyrocketed, rising 51%.
Overall, the net income was of €170 million, or 222 million US dollars, quite a bit over the €76 million accumulated during the same period of the previous year ($99 million, give or take).
The company CEO is staying cautious about what the future may bring, due to “strong economic headwinds on a global scale,” but at least we can be reasonably sure this brand won't crash and burn like Kodak did.