Philips Posts Higher Q2 Profit

Philips

reported better-than-expected Q2 results. Philips posted its quarterly net profit of 317 million euros ($416.5 million), versus 102 million euros, in the year-ago period. Its sales surged 3% to 5.65 billion euros. However, analysts were expecting a net profit of 262 million euros on sales of 5.596 billion euros. Philips shares closed at $30.75 on Friday.