Revenues came out at €5.62 billion, down 11 percent from the same quarter last year. The profit results mainly from cost reduction measures — for instance the company cut administration costs by about €150 million and R&D costs by €72 million.

In the company's main business segments healthcare, lighting and consumer electronics, operational profit declined across the board albeit at different extend. The weakness in the US market affected healthcare figures, notably in the imaging systems segment. The market for LEDs for lighting purposes is starting to take off; for instance the company installed LED street lighting systems in 30 towns in Portugal. Nevertheless the operating profit in Philips' lighting segment declined in comparison to Q3/2008.

Against this background, analysts polled by Reuters had expected a net loss of €34 million.

For the quarter ahead, the company still expects charges related to restructuring and acquisitions in the range of € 200 million. Positive sales impulses could be generated by the planned Q4 launch of LED-based lighting solutions for outdoor, retail and office applications including LED retrofit lamps.

All in all, the company remains cautious as it sees no fundamental market turn-around in its main markets. The company announced to continue its focus on cost control for the fourth quarter.

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