Dutch electronics company Philips is seeing a drastic drop in profits due to weak demand in Europe and the US.

Europe’s consumer electronics industry is growing dimmer by the day. First there was Finnish communications giant Nokia, whose profits tumbled 31% between April and June. Now, the Netherlands’ Philips appears to be in serious trouble as well, according to its latest financial results. The Dutch company announced that its sales will probably be lower than expected in two out of its three primary areas, lightning and consumer electronics. The downturn is mostly due to weak demand in Europe and the United States. World Crunch

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