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AMSTERDAM, Netherlands (AP) - The television age appears to be fading for Philips, the Dutch company that carries a global reputation for its home electronics: Philips' first-quarter profit fell 75 percent.
Sagging TV sales, especially in the United States, dragged down first-quarter profits, as Royal Philips Electronics NV reported net income of $347 million, nearly 20 percent lower than the $433 million analysts had forecast.
Net profit was $1.386 billion in the same period last year — a quarter boosted by receiving $1.161 billion for part of its stake in Taiwan Semiconductor Manufacturing Co. Ltd.
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